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Gazprom market abuse

The EC is ready with decision on a market abuse case against Gazprom

The European Commission (EC) will publish its decision on a market abuse case in Central and Eastern Europe against Gazprom within a few days. The date set by the EC as deadline is May 24th, but at this stage Brussels do not comment on the information.

According to the report, the EC has a peaceful approach to the penalties against Gazprom. Similar is the information of Reuters, as the agency has already published a forecast of its sources that Gazprom will not be financially sanctioned. By law, for such offenses, the fine may amount to 10% of the company’s turnover.

The lawsuit against the gas company started in 2015. It was accused of hindering competition and opening up the market, as well as of fixing high prices for several countries in Central and Eastern Europe, including Bulgaria. In the course of the Gazprom case, they presented a proposal for change, and the countries concerned wrote opinions on whether they accepted these ideas.

These include, for example, linking the price of natural gas to the prices of major European hubs in France, Germany and Italy.

The EU Commissioner on Competition Margrethe Vestager explained earlier that the EC could accept Gazprom’s proposal and not impose fines now, but if the company does not fulfill its promises, the financial sanction will not be avoided.

About Viliyana Filipova

Viliyana Filipova is 27 year-old girl from Varna, Bulgaria. She is founder and Chief Editor of Finance Apprise Journal, working also as analyzer on the world finance and commodity markets.

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