Monday, March 13, 2017

Gazprom to comply with EU norms to wrap up antimonopoly probe without fine

Gazprom is ready to abide by the EU standards in order to complete the antimonopoly probe without a fine, EU Competition Commissioner Margrethe Vestager said on Monday.

"They address our competition concerns and provide a forward looking solution in line with EU rules," Vestager said. "We believe that Gazprom's commitments will enable the free flow of gas in Central and Eastern Europe at competitive prices," she added.

The official antimonopoly probe was initiated on the basis of complaints of Lithuanian authorities to the EC on September 4, 2012.

The investigation is carried out in the Baltic States, Poland, Czech Republic, Slovakia, Hungary and Bulgaria.

Under the European law, the penalty for violation of the antimonopoly regulations may reach 10% of the annual turnover of the company on the market.

Russian and European sources reported earlier that the parties are now trying to reach a mutually acceptable out-of-court decision, which does not imply penalties.

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