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Lithuania: Gazprom demands court to drop competition fine

 |  July 1, 2014

Russian gas conglomerate Gazprom has reportedly asked a Lithuanian court to drop a competition fine issued to the company, claiming the sanctions violate international agreements with the EU.

Gazprom reportedly filed its request on Monday, claiming that Lithuania breached EU international agreements and “failed to conclude its investigation in a lawful timeframe,” a spokesperson for the Vilnius Regional Administrative Court said. Gazprom is also reportedly disputing the size of the fine.

Lithuanian competition regulators sanctioned the Russian firm about $48 million last month after finding that the company breached competition law by reducing to negotiate an exchange deal with domestic energy producer Lietuvos Energijos Gamyba. Gazprom is the only natural gas supplier of Lithuania.

Further, say reports, regulators found Gazprom breached competition rules when acquiring nearly 40 percent of Lietuvos Dujos nearly a decade ago. That deal, officials said, lead to higher gas prices.

Following the fine, Gazprom divested its stakes in the Lithuanian firm.

Full content: Reuters

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