AP News

News Summary: Gazprom down as EU opens probe

SLIPPERY SLOPE: Shares in Russian oil and gas giant Gazprom suffered their biggest drop in five weeks on news that it is the subject of a European antitrust investigation.

MARKET MANIPULATION? The European Commission is investigating whether Gazprom blocked competition in gas markets. Gazprom is already under pressure for its pricing. Some customers have threatened lawsuits, others have gotten discounts.

DRILLING DOWN: EC investigations can take months or even years to complete. Analysts at Russia's Troika bank said Gazprom could be fined 10 percent of its annual revenue in the countries in question or might settle out of court.

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