EU: Almunia’s Gazprom fine could top $15B

Following more than a yearlong investigation into Russian gas giant Gazprom, the European Commission said it is preparing a statement of objections to the company in efforts to curb its alleged anticompetitive behavior.

Reports say a potential fine could top $15 billion against the firm.

European Commissioner Joaquin Almunia announced plans to take action against Gazprom in Lithuania, where Lithuanian President Dalia Grybauskaite warned the competition regulator of Gazprom’s dominance abuse in the nation. Consumers in Lithuania pay upwards of 30 percent more for gas than their counterparts in other European nations, an effect, said the president, of Gazprom’s business in the country.

Across the EU, however, the Commission is looking into whether the company restricted gas supplies; Almunia said the probe is looking into Gazprom’s operations in Estonia, Latvia, Lithuania, Poland, the Czech Republic, Slovakia, Hungary and Bulgaria.

Full Content: Reuters

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