The Court confirmed validity of the FAS Russia’s determination regarding “Lukoil-Volgogradneftepererabotka” Ltd.

On 27th October 2008, FAS Russia found that “Lukoil” OJSC and members of the same group of persons - “Lukoil-VNP” Ltd., “Lukoil-UNP” Ltd., “Lukoil-PNOS” Ltd. and “Lukoil-NNOS” Ltd. violated Article 10 of the Federal Law “On Protection of Competition” (which prohibits abusing market dominance) by fixing and maintaining monopolistically high wholesale prices for oil products in the Russian Federation (petrol, aviation kerosene fuel oil and diesel fuel).
For violating the antimonopoly law, FAS Russia issued a determination to impose an administrative fine upon “Lukoil-Volgogradneftepererabotka” Ltd. (RUB 382,044,735).
The company filed a lawsuit to invalidate the determination but the Court on 3rd November 2010 confirmed legitimacy of the actions undertaken by the Antimonopoly Service.
The determination must be executed within thirty days after the ruling of the Arbitration Court comes into effect.