European Commission could fine Gazprom 10% of worldwide turnover if company breaks commitments

14:52, 13.03.2017 1 min read

The European Commission is inviting all stakeholders to submit their views on the commitments provided by Gazprom to solve the antimonopoly case within seven weeks of their publication, after which the Commission will make a final decision as to whether the commitments are a satisfactory way of addressing the Commission's competition concerns.

"If this is the case, the Commission may adopt a decision making the commitments legally binding on Gazprom (under Article 9 of the EU's antitrust Regulation 1/2003). If a company breaks such commitments, the Commission can impose a fine of up to 10% of the company's worldwide turnover, without having to prove an infringement of the EU antitrust rules," the European Commission press release said.