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Bill on penalties for cartel collusion signed into law

15:46 17/04/2017

MOSCOW, April 17 (RAPSI) – Russian President Vladimir Putin has signed a bill on administrative liability for cartel form of collusion into law, the official website of legal information reads on Monday.

The State Duma adopted the initiative in the third and final reading on April 7.

According to Russian legislation, signing competition-restrictive agreements, concerted actions towards restriction of competition and coordination of economic activity may result in administrative penalties. However, different forms of collusion result in different levels of danger to society, which is why authors of the bill propose to specify liability further.

Currently, officials involved in collusion may face fines ranging from 20,000 to 50,000 rubles ($357 - $892) or disqualification for one to three years. Legal entities are to pay a fine ranging from 0.01% to 0.15% of the amount of the offender's income from the sale of goods, services or expenses for the purchase of goods, but no less than 100,000 rubles ($1,785).

The law establishes the largest penalty for cartel agreements. Officials are to face fines ranging from 40,000 to 50,000 rubles ($714 - $892) or disqualification for one to three years. Legal entities are to pay a fine ranging from 0.03% to 0.15% of the amount of the offender's income from the sale of goods, services or expenses for the purchase of goods, but no less than 100,000 rubles ($1,785).

According to the law, punishment for “vertical” agreements is to be softened. Officials face fines ranging from 15,000 to 30,000 rubles ($267 - $535) or disqualification for one year. Companies are to pay a fine ranging from 0.01% to 0.05% of the amount of the offender's income from the sale of goods, services or expenses for the purchase of goods, but no less than 100,000 rubles ($1,785).

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Bill on penalties for cartel collusion signed into law

15:46 17/04/2017 Russian President Vladimir Putin has signed a bill on administrative liability for cartel form of collusion into law.
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