22 Jun 2009 19:46

Companies to be held liable for price manipulation on electricity market

MOSCOW. June 22 (Interfax) - The Russian authorities plan to hold companies liable for the manipulation of prices on the electricity market, Prime Minister Vladimir Putin said at a government meeting on Monday.

The government has decided to make several fundamental addendums to laws on the improvement of antimonopoly legislation, he said.

"Above all, this concerns increased liability for those responsible at companies for the abuse of dominant positions on the market. Such actions should not only be punished by fines, but by disqualification. That is, a ban on holding leading positions or carrying out entrepreneurial activities for a period of up to three years," he said.

"Updates are to be made to the procedure for determining a dominant position on the market in addition to the criteria for recognizing monopolistically high prices. There will be liability for the manipulation of electricity prices," he said.