OREANDA-NEWS. On March 23, 2010 the Moscow Arbitration Court is to hear a lawsuit lodged by Rosneft against FAS, seeking to challenge its RUB 1.508 billion fine against the oil major. The five was imposed after the completion of an investigation into charges of overstated prices on the domestic oil products market in mid-2008.

Aside from Rosneft, fines were levied against Lukoil, Gazprom Neft and TNK-BP, in the amounts of RUB 1.1 billion to RUB 1.5 billion. In February of this year, Gazprom Neft successfully contested the legitimacy of a RUB 4.7-billion fine in first-instance and appeals courts under a similar case opened in February 2009. In our view, Rosneft has a better chance to win the case than FAS in court today. The key argument in favor of the plaintiff is the undeveloped laws that regulate the Russian oil products market.