Get the latest updates as we post them — right on your browser

. Last Updated: 07/27/2016

LUKoil Bristles at Rivals’ Fines

LUKoil vice president Leonid Fedun on Friday defended the oil industry against charges by the Federal Anti-Monopoly Service, after the watchdog levied fines against two competitors.

The service will fine TNK-BP Holding and Gazprom Neft 4.2 billion rubles ($133 million) and 4.7 billion rubles, respectively, for misuse of their dominating market positions, it said in a statement late Thursday.

“The Federal Anti-Monopoly Service doesn’t get involved in any other spheres,” Fedun said, adding that the government’s tax regime accounted for 70 percent of the domestic price of oil products.

The service said it would continue to review a case against LUKoil, which has been pushed back three times, and accused the firm of trying to delay case. The watchdog has opened 12 administrative cases against LUKoil for not providing necessary information, it said.

In February, the service said it would open cases against LUKoil, Rosneft, Gazprom Neft and TNK-BP for an unfounded growth in wholesale oil prices. The firms are charged with breaking anti-monopoly law by setting discriminating conditions for independent oil companies and cutting supplies to boost prices, which led to increased retail prices for gasoline, jet fuel and diesel.

The service has been pursuing the oil companies since July 2008, when Prime Minister Vladimir Putin slammed the watchdog for high jet fuel prices.