OREANDA-NEWS. February 07, 2013. The Ministry of Energy of the Russian Federation and the Federal Antimonopoly Service (FAS Russia) signed a joint Order “On Setting the Minimum Value of Sold through Exchange Trading Oil Products Produces and (or) Sold by an Economic Entity that has the Dominant Position on the Relevant Markets and Approving the Requirements for Exchange Trading, in the Course of which Oil Products Transactions are Concluded by an Economic Entity that has the Dominant Position on the Relevant Markets” (the joint Order), reported the press-centre of FAS Russia.

The joint Order is drafted in accordance with Clauses 1 and 2 Part 5 Article 6 of the Federal Law “On Protection of Competition” and establishes the minimum value requirements for sale of oil products through exchange products by vertically-integrated oil companies, as well as the conditions of exchange trading, compliance with which will enable to form fair prices at exchange trading.

Signing the joint Order became the final stage of the efforts of the antimonopoly body towards establishing the conditions, under which the exchange trading prices shall not be recognized monopolistically high.

The “third antimonopoly package” introduced additions to the Federal Law “On Protection of Competition”, that determine the conditions, observing which the exchange prices shall not be recognized monopolistically high (Part 5 Article 6 of the Federal Law “On Protection of Competition”).

To enforce the norms, Russia adopted the Procedures for providing a list of affiliated persons to an exchange by an economic entity with dominant position on the relevant market, accredited and (or) taking part in trading (in particular, by filing applications for participating of a broker, brokers in trading), approved by No.409 FAS Order of 26th June 2012, and the Criteria for regularity and evenness of selling goods through exchange for certain markets, where oil and (or) oil products circulate, approved by No.1035 Decree of the Government of the Russian Federation of 11th October 2012.

Part 7 Article 6 of the Federal Law “On Protection of Competition” also specifies that the price of goods not exceeding the exchange price formed in compliance with the conditions stated in Part 5 Article 6, and economic (commercial) conditions of the transaction are comparable for the quantity and (or) the volume of supplied goods, the deadlines for executing obligations, the payment conditions, typically used in such type of transactions, as well as other reasonable conditions that can affect prices, cannot be recognized monopolistically high.