Russia Targets 3 Oil Giants In New Price-Hike Cases

Law360, New York (February 10, 2011, 3:39 PM EST) -- Russia's antitrust watchdog has launched proceedings against the country's three largest oil companies after Gazprom-Neft OJSC, Lukoil OJSC and Rosneft NK OJSC ignored the regulator's demands that they cap their climbing prices.

The Russian Federal Antimonopoly Service announced that it initiated the cases on Wednesday after formal investigations suggested the companies had violated Russia's antimonopoly law by fixing high prices and withdrawing goods from circulation.

The FAS sent letters to the three oil companies in December, according to Wednesday's announcement, asking them to explain the reasons...
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