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Tuesday, 24.01.2017, 03:06
Lithuanian court upholds EUR 36 mln fine for Russia's Gazprom
The court upheld the fine imposed by the Competition Council in 2014, which is the highest fine in the country's history.
In June of 2014, the Competition Council found that Gazprom 's refusal to negotiate with Lietuvos Energijos Gamyba on a natural gas swap deal in 2013-2015 prevented the Lithuanian company from purchasing cheaper gas from another supplier and thus breached a condition of a 2004 agreement on the acquisition and sale of shares in Lietuvos Dujos (Lithuanian Gas).
It then said that LEG deal with a Western European company would allow reducing the costs of the gas purchased by the company, which would revise electricity prices for consumers.
Gazprom attempted to prove in court that the Competition Council misinterpreted a clause in the 2004 sanction for it to purchase a stake in Lietuvos Dujos and consequently started the probe and imposed the fine without a reason.