The Russian High Arbitration Court says its ruling against joint venture TNK-BP in favor of the Federal Antimonopoly Service (FAS) in their price-fixing row must serve as a precedent for similar charges brought against other top Russian oil firms. TNK-BP had already paid a 1.1 billion ruble ($35 million) fine imposed by the FAS a year ago for collaborating with other majors to set artificially high product prices in 2008 and making it hard for small firms to compete.
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