OREANDA-NEWS. April 15, 2008. The Federal Antimonopoly Service (FAS Russia), governed by Article 14.31 of the Code of Administrative Violations, imposed administrative chargers upon the "Electrostal" Metal Works" OJSC and fined the company 3 344 000 rubles, reported the press-centre of FAS Russia.

On 29th February FAS Russia recognized that the "Electrostal" Metal Works" OJSC violated Clause 1 Part 1 Article 10 of the Federal Law "On Protection of Competition" (abusing dominant position).

The "Electrostal" Metal Works" OJSC violated the law by fixing and maintaining monopolistically high prices on ring blanks in July - October 2007.

Part 1 Article 10 of the Federal Law "On Protection of Competition" forbids such actions of an economic entity, occupying dominant position on the market, which result or can result in preventing, restricting or eliminating competition or infringing the interests of other persons, including fixing and maintaining monopolistically high goods prices.

Having considered the case, FAS Russia issued a determination to the "Electrostal" Metal Works" OJSC requesting the company to stop the antimonopoly violations.

Actions of an economic entity with dominant position on a goods market recognized as abusing dominant position and forbidden by the antimonopoly violations of the Russian Federation are liable under Article 14.31 of the Code of Administrative Violations of the Russian Federation - imposing a fine from one hundredth to fifteen hundredth of the sum of the violator's proceeds gained by selling the goods on the market where the violation occurred.