Russia's anti-monopoly watchdog fines Sberbank for violating advertising law

MOSCOW. May 30 (Interfax) - The Federal Anti-monopoly Service (FAS) has fined Sberbank 600,000 rubles for violating the law on advertising, the watchdog said in a statement.

Specifically, Sberbank indicated the terms and conditions in an advertisement in small print regarding obtaining a reduced interest rate on a loan, thereby misleading consumers, the FAS notes. The bank indicated in large print and voiced attractive information to consumers regarding the interest rate on a loan starting from 4.9% per annum. Information on other terms and conditions affecting the cost of the loan and the possibility of obtaining one - namely the amount, timeframe, conditions for concluding an insurance contract, and others - was placed in an explanatory footnote in a font difficult to read within a short period.

The FAS commission ruled that the advertisement for the loan was improper, and the watchdog issued an order to the bank to cease and desist violating the law on advertising. The FAS also initiated a case against Sberbank involving an administrative offense.