OREANDA-NEWS. August 22, 2011. The Office of the Federal Antimonopoly Service in the Republic of Karachaevo-Cherkessia (Karachaevo-Cherkessia OFAS Russia) fined the “Savings Bank of Russia” OJSC in the person of No.8585 Karachaevo-Cherkessia branch of the North Caucasus Bank over 15 million Rubles for abusing market dominance, reported the press-centre of FAS Russia.

Karachaevo-Cherkessia FAS Russia received a petition that the Savings Bank of Russia attempted to impose disadvantageous contract conditions.

The Commission investigating the case established that the petitioner and the “Savings Bank of Russia” OJSC concluded a contract to open a non-revolving credit line. The “Savings Bank of Russia” OJSC granted a loan at 14.85% per annum. Under Clause 7.3 of the Contract this interest is valid if the borrower makes 95% or more non-cash payments through the accounts with the “Savings Bank of Russia” OJSC. If non-cash payments by the borrower reach less than 95%, the contract specifies that the credit interest shall be 18% per annum.

As a result, the Commission of Karachaevo-Cherkessia OFAS Russia concluded that the “Savings Bank of Russia” OJSC in the person of No.8585 Karachaevo-Cherkessia branch of the North Caucasus Bank violated Article 10 of the Federal Law “On Protection of Competition” by setting contract conditions that affect the credit interest.

The antimonopoly body also found that the “Savings Bank of Russia” OJSC in the person of No.8585 Karachaevo-Cherkessia branch of the North Caucasus Bank committed an antimonopoly violation under Article 14.31 of the Code of the Russian Federation on Antimonopoly Violations and fined the Bank 15,215,457.20 Rubles.