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You're reading: Gazprom shares down as EU opens antitrust probe

MOSCOW — Shares in Russian gas giant Gazprom are down 1.5 percent, the biggest drop in five weeks, on news it is the subject of an EU antitrust investigation.

The
European Commission is investigating whether Gazprom blocked fair
competition in the gas markets of Central and Eastern Europe.

The
Commission said Tuesday it “has concerns that Gazprom may be abusing its
dominant market position in upstream gas supply markets.” The European
Commission’s investigations can take months to complete.

Gazprom
says in a statement on Wednesday that it hasn’t been officially notified
of the probe yet. It says it hopes the investigation will respect its
“rights and legitimate interests proceeding from EU laws as well as
international legislation.”

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