Gazprom

Most recent

Gazprom happy with EU deal

Gas tanks
Reuters

Russia's Gazprom has said it is satisfied with the deal it struck with the EU to settle claims that it abused its dominant position as a gas provider in Eastern European member states.

The firm said in a statement that the decision was "the most reasonable outcome" for the entire European gas market.

Although the deal spares Gazprom billions in fines, EU Competition Commissioner Margrethe Vestager said it also imposed strict obligations on the company's future behaviour.

At the same time, it "removes obstacles created by Gazprom, which stand in the way of the free flow of gas in Central and Eastern Europe", she said.

Gazprom dodges EU fine

Gazprom sign
Getty Images

EU regulators have ended a seven-year-long investigation into Gazprom after the Russian gas giant agreed to reforms aimed at cutting gas prices and allowing rivals a foothold in eastern Europe.

The European Commission, which launched the case with dawn raids at 20 offices in 10 countries in 2011, said Gazprom's concessions addressed its concerns over excessive pricing in Bulgaria, Estonia, Latvia, Lithuania and Poland.

The EU decision to accept Gazprom's pledges has allowed the company to avoid a possible fine.

Gazprom supplies about a third of the EU's gas and contributes 9% of Russian GDP.