Russian energy firms fined for prices

MOSCOW, Sept. 29 (UPI) -- The Russian Federal Anti-Monopoly Service charged the top five Russian oil and gas firms with conducting unfair business practices and price fixing.

FAMS fined Gazprom and LUKoil with collective fines of more than $730,000 earlier this month for market manipulation.

Russian Prime Minister Vladimir Putin has criticized the firms for keeping energy prices high, while concerns were expressed that prices were falsely controlled.

Putin called for an examination into the business practices of TNK-BP, LUKoil, Rosneft, Surgutneftegaz and Gazprom Neft in July.

Following an investigation, FAMS found the TNK-BP consortium and oil firm Gazprom Neft had violated anti-monopoly rules and set prices higher than market conditions justified, the Russian Neftegaz reported.

FAMS violations include fines between 1 percent and 15 percent of the total revenue of the companies, with estimates for the two firms approaching $400 million.

FAMS representatives said the final penalty would be decided following a more detailed examination of the violations.