Russia’s Antitrust Agency to toughen liability for anticompetitive agreements

Author: Olga Vasilyeva Section: Major Events of the Month

Issue: May 2009, Vol. 4, No. 4

Tags: FAS Artemiev

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Increasing Responsibility

Speaking at a meeting with representatives of Promotion of Competition, a noncommercial partnership, Igor Artemyev, director of the Federal Antimonopoly Service (FAS), announced plans to revoke the current policy of freeing companies, which have confessed to illegal engagements in anticompetitive agreements, from administrative penalties. 

“Such amendments are being prepared for the second reading in the State Duma, and they will end the current practice, where companies get indulgences for confessions to anticompetitive agreements.” The first victims of these changes are expected to be banks and insurance firms, which most frequently abuse the current policy.