OREANDA-NEWS. August 11, 2011. The Federal Arbitration Court of the North Caucasus District pronounced legitimacy of the determination issued by the Office of the Federal Antimonopoly Service in the Stavropol Region (Stavropol OFAS Russia) to impose an administrative fine upon “Lukoil-Yugnefteproduct” Ltd. (11.11 million Rubles) for concerted actions aimed at increasing retail prices for oil products in November 2007, reported the press-centre of FAS Russia.

On 9th January 2008, Stavropol OFAS Russia imposed an administrative fine upon “Lukoil-Yugnefteproduct” Ltd. under Article 14.32 of the Code of the Russian Federation on Administrative Violations for violating the antimonopoly law. OFAS fined the company upon recognising that “Lukoil-Yugnefteproduct” Ltd. and “Rosneft-Stavropolie” NK” OJSC violated Article 11 of the Federal Law “On Protection of Competition” (prohibiting competition-restricting agreements or concerted actions of economic entities).

“During three years “Lukoil-Yugnefteproduct” Ltd. desperately tried to challenge the acts passed by the Antimonopoly Service, but all these attempts were to no avail”, explained the Head of Stavropol OFAS Russia Sergey Nikitin.

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Following judicial proceedings, “Rosneft-Stavropolie” NK” OJSC also paid around RUB 4 millions in 2010 as a fine for committing an antimonopoly violation.