BRUSSELS – Russia’s state-owned gas giant Gazprom was ready to comply with European Union regulation in order to end a five-year anti-trust inquiry and avoid fines, a European commissioner said on Monday.
EU officials were probing Gazprom for allegations that, among other things, claimed it had monopolized gas supplies in central and eastern Europe, overcharged several nations for fuel and prohibited the cross-border resale of fuel.
“We believe that Gazprom’s commitments will enable the free flow of gas in Central and Eastern Europe at competitive prices,” said Margethe Vestager, competition commissioner for the EU.
“They address our competition concerns and provide a forward looking solution in line with EU rules,” she continued in a statement.
The affected countries, which include Poland, Estonia, Latvia, Lithuania and Bulgaria, will have seven weeks to submit their analysis on the EU’s Gazprom proposal.
Energy sectors in Eastern and Central Europe rely heavily on Russian gas.