Titans of Russian oil industry fall afoul of antirust laws

Author: Alex Freedmann Section: Major Events of the Month

Issue: March 2009, Vol. 4, No. 2

Tags: FAS

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Antimonopoly Cases

The Federal Antimonopoly Services (FAS) has filed suits against several titans of the Russian oil market for their systematic violations of the antirust legislation in 2008. Calling the actions of GazpromNeft, Rosneft, LUKoil and TNK-BP challenges to the state, FAS Director Igor Artemiev said these companies had defied calls to reduce fuel prices, despite the sharp declines in oil prices. “Besides, in January, they increased their wholesale prices by 30-60% on some products,” he said. “We see such behaviors as challenges to the government. And we have accepted them.”