Support The Moscow Times!

Gazprom to Offer Settlement in EU Investigation of Business Practices

Gas export monopoly Gazprom has promised to present proposals this week to end a year-long investigation into its business practices and avert a possible fine of as much as $14.3 billion, the EU's anti-trust chief said Monday.

The European Commission last year told Gazprom that it may have impeded the free flow of gas in Central and Eastern Europe, blocked rival suppliers and overcharged customers by linking the price of its gas to oil.

The European Union competition watchdog earlier this year threatened to send formal charges to Gazprom, which supplies a quarter of Europe's gas consumption needs.

Bowing to EU pressure, Gazprom's deputy chairman Alexander Medvedev told EU Competition Commissioner Joaquin Almunia last week that the company was willing to settle the case.

Read more

Independent journalism isn’t dead. You can help keep it alive.

As the only remaining independent, English-language news source reporting from Russia, The Moscow Times plays a critical role in connecting Russia to the world.

Editorial decisions are made entirely by journalists in our newsroom, who adhere to the highest ethical standards. We fearlessly cover issues that are often considered off-limits or taboo in Russia, from domestic violence and LGBT issues to the climate crisis and a secretive nuclear blast that exposed unknowing doctors to radiation.

Please consider making a one-time donation — or better still a recurring donation — to The Moscow Times to help us continue producing vital, high-quality journalism about the world's largest country.