TNK-BP Will Be Penalised by $60 Million
Submitted by Russian Law Online on Thu, 01/19/2012 - 17:12
TNK-BP Holding may be penalised by as much as 1.8 billion roubles (ap. $60 million) for breach of the competition law, announced the head of the Federal Antimonopoly Service Igor Artemyev. ‘The fine will be far more than 1 billion roubles, close to 2 billion roubles, about 1.8 billion roubles,’ he said.
Igor Artemyev also noted that the antitrust watchdog ‘has increased vigilance’ after President Dmitry Medvedev asked to keep an eye on prices for petrol.
The FAS seems to be in a state of war with oil companies since last February. The later, according to authorities, keep the price of oil products artificially inflated. Proceedings were instituted against Lukoil, Rosneft and GazpromNeft. There were ‘questions’ to Bashneft, TNK-BP and Surgutneftegas.
Practice notes
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- Russian Antitrust and Merger Control Rules: New and Improved
- "Third Antimonopoly Package"
- Third Antitrust Package
- On Reduction in Russia’s Domestic Airline
- Russia Clarifies Position on Anticorruption Compliance and Russian Antimonopoly Law
- Rosneft closes acquisition of 50% in Ruhr Oel GmbH
- Liability for violation of the antimonopoly legislation
