The European Commission on May 24 ended a seven-year antitrust case against Russian gas company PJSC Gazprom without imposing a fine, requiring it instead to reform the way it operates in central and eastern Europe.
Under the terms of the agreement, Gazprom is obliged to remove any restrictions placed on customers to resell gas cross-border.
Gazprom's customers will also be able to seek lower prices if these diverge from competitive Western European gas benchmarks, the EU said. The company used to link gas prices to oil prices. The deal addressed concerns that customers in Bulgaria, Estonia, Latvia, Lithuania and Poland may have been overcharged.
The details of the settlement were finalized earlier this year, but feedback from several of the eight member states in the east delayed the announcement, Reuters reported.
"[The agreement] obliges Gazprom to take positive steps to further integrate gas markets in the region and to help realise a true internal market for energy in Europe," said Margrethe Vestager, the commissioner in charge of competition policy. "And it gives Gazprom customers in Central and Eastern Europe an effective tool to make sure the price they pay is competitive."
The commission said the deal will be in place for eight years.
Gazprom could be fined up to 10% of its worldwide turnover if it fails to comply with the agreement.
