European Commission suspends antitrust investigation against Gazprom

The European Commission has stopped its antitrust investigation against Gazprom.

As a statement released by the commission says, it adopted a decision imposing on Gazprom a set of obligations. These obligations will significantly change the way Gazprom operates in Central and Eastern European gas markets, they at the commission believe.

Gazprom has said it is satisfied with the EC decision. “We are satisfied with the decision on settling the antitrust case the European Commission announced today. We have always confirmed our intention to be carefully cooperating in order to find a constructive mutually admissible solution within frameworks of the procedure,” the statement of the Russian holding says.

At the same time, EU Commissioner for Competition Margrethe Vestager announced at a news conference in Brussels that in case Gazprom violates provisions of the peaceful treaty, the European Commission can fine it for 10% of its global sales volume.

The antitrust investigation was launched against Gazprom in 2012.

In April 2015, the EC accused Gazprom of breaching the rules on competition within frameworks of an antitrust case. The EC suspected that Gazprom could be dividing gas markets preventing free flow of gas via territories of EU members, it could probably be on the way of diversification of gas supply and could fix unfair prices for its clients. The EC suspected Gazprom of violations in Bulgaria, Czechia, Estonia, Hungary, Latvia, Lithuania, Poland, and Slovakia. Ukraine snatched the opportunity and claimed that the antitrust committee investigates monopoly of the Russian company in the Ukrainian market. Gazprom was facing a fine of up to $15bn.