ukraines antimonopoly committee fines russias gazprom 34bn
Last Updated : GMT 06:54:06
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Ukraine's anti-monopoly committee fines Russia's Gazprom $3.4bn

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Arab Today, arab today Ukraine's anti-monopoly committee fines Russia's Gazprom $3.4bn

Ukraine's anti-monopoly committee fines Russia's Gazprom $3.4bn
Kiev - MENA

The anti-monopoly committee of Ukraine has fined Russia's Gazprom $3.4 billion for alleged abuse of its dominant position on the Ukrainian gas transit market, Russia Today quoted committee's head Yuriy Terentyev as saying Friday.

"A decision was just made regarding Gazprom’s abuse of its dominant position on the gas transit market of Ukraine. The fine amounts to $3.4 billion," Terentyev said.

This followed a bill for $2.5 billion from Gazprom sent to Ukraine's state gas company Naftogaz on Wednesday for failing to buy the contracted amount of gas in the third quarter of 2015.

The Russian energy company said that according to the 'take-or-pay' terms of the contract, Kiev had to buy a minimum quantity of gas annually or face a penalty.

Ukraine was obligated to buy 10,485 billion cubic meters in the third quarter of 2015.

Ukraine significantly cut its purchases of Russian gas last October, choosing instead to buy reverse supplies of Russian gas from Slovakia.

Ukraine's Prime Minister Arseny Yatsenyuk has already announced Kiev's intentions to offer the European Union to jointly investigate the monopolistic position of Gazprom both in the EU and Ukrainian markets.

The fine could be as much as 10 percent of Gazprom's total revenue in Ukraine, he said.

 

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