Russian Antitrust Agency Fines Gazprom $6M

Law360, New York (November 10, 2008, 12:00 AM EST) -- The Russian Federal Antimonopoly Service has fined OAO Gazprom subsidiary Gazpromneft-Kuzbass $5.9 million for using its dominant position in the wholesale oil market to inflate prices.

The FAS office in the Siberian region of Kemerovo ordered the company to pay a fine equal to 2.4% of its net sales in 2007, or about 158 million rubles.

“The company violated the law by creating obstacles for operations of other economic entities on the wholesale market of oil products, as well as fixing different prices for oil products,...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.