Lukoil and Rosneft Could Face Fines

27 October 2009 (Last Updated October 27th, 2009 18:30)

Russia's federal anti-monopoly service (FAS) says that it will impose large anti-trust fines on Russia's main oil producers Lukoil and Rosneft. In 2008, the FAS service imposed fines on all key Russian oil companies for price fixing totalling about $50m per company. Oil companies, howev

Russia's federal anti-monopoly service (FAS) says that it will impose large anti-trust fines on Russia's main oil producers Lukoil and Rosneft.

In 2008, the FAS service imposed fines on all key Russian oil companies for price fixing totalling about $50m per company. Oil companies, however, won court rulings overturning the decisions, wrote Reuters.

In 2009, the service ruled that Lukoil and Rosneft breached anti-trust legislation and imposed more than $300m in combined fines against their peers, Gazprom Neft and TNK-BP.

Both companies said that they would appeal the rulings and it is not known whether they have paid the fines.

Russia recently sanctioned a legislation package that increases FAS’s powers.