EU Reaches Deal With Gazprom In Anti-trust Case

The EU on Thursday settled a high-stakes anti-trust case against Gazprom, the Kremlin-backed energy giant, over claims it abused its dominant positon as a gas provider in eastern Europe member states

Brussels, (APP - UrduPoint / Pakistan Point News - 24th May, 2018 ) :The EU on Thursday settled a high-stakes anti-trust case against Gazprom, the Kremlin-backed energy giant, over claims it abused its dominant positon as a gas provider in eastern Europe member states.

With the deal Gazprom avoids billions in fines and offers a rare respite to tensions between the Russia and West that have worsened over Ukraine, the war in Syria and allegations of election meddling by the Kremlin.

The deal comes after Gazprom agreed to benchmark prices in eastern Europe against prices in the rest of Europe, and to drop clauses restricting the re-export of gas by clients. The decision will infuriate eastern European energy players who fear the dominance of Gazprom and accuse Brussels of favouring the Russian giant with a special deal.

"Today's decision removes obstacles created by Gazprom, which stand in the way of the free flow of gas in Central and Eastern Europe," EU Competition Commissioner Margrethe Vestager told a news briefing in Brussels.

Vestager insisted that the settlement imposed strict "obligations" on Gazprom and "provides a tailor-made rulebook for Gazprom's future conduct." She said the deal would be "to the benefit of millions of European consumers when they heat their houses or when they cook their food", and to businesses that rely on Gazprom supplies.