Gazprom Neft Drops Suit Disputing Fine From Competition Watchdog

OAO Gazprom Neft withdrew a lawsuit challenging a fine of 1.3 billion rubles ($42 million) from the competition watchdog for abusing its dominant position in the Russian oil products market.

Gazprom Neft, the oil producer controlled by Russia’s gas export monopoly, plans to sign an out-of-court settlement with the Federal Anti-Monopoly Service soon, following talks overseen by Russian Prime Minister Vladimir Putin, the oil producer said in an e-mailed response to questions today.

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