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. Last Updated: 07/27/2016

TNK-BP and Gazprom Neft Fined

The Federal Anti-Monopoly Service said Friday that it would impose fines on TNK-BP Holding and Gazprom Neft for fixing prices of refined products on the local market.

The size of the fines will be determined after further investigation, a spokesman for the anti-monopoly service said.

The law under which the action was taken allows for a fine of 1 percent to 15 percent of revenues from sales of the products in question but no more than 2 percent of the company's total revenues.

The investigation into TNK-BP focused on prices for gasoline and jet fuel. The Gazprom Neft probe looked into the cost of these two products as well as diesel and fuel oil, the regulator said in a statement.

The two firms were charged with abusing their dominant position on the market, for setting "monopolistically high" prices and for setting market conditions that were unfair to competitors, the statement said.