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Russia: Gazprom and Vestager to hold antitrust settlement talks next week

By  |  March 2, 2016

Gazprom’s deputy chief executive will meet the EU competition chief next week, three people familiar with the matter said on Wednesday, signalling progress in resolving antitrust charges against the Russian gas giant without a regulatory fine.

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    The Russian state-controlled company is fighting accusations of overcharging customers and blocking rivals in eastern Europe, practices which the European Commission say breach the bloc’s rules ensuring a level playing field.

    It is seeking to avoid a fine, which under EU rules could be up to $7.6 billion (5.41 billion pound), equal to 10 percent of its 2014 revenue, and settle the charges with concessions.

    Both Gazprom and the European Commission have narrowed their differences on the issue and may soon find a solution, one of the sources said.

    Gazprom supplies around a third of the 28-member EU’s gas and a decision in the case, which has dragged on for nearly five years, comes amid continuing tension between the European Union and Russia over Ukraine, Syria and the proposed Nord Stream gas link to Germany.

    Full Content: Reuters

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