'We’ll have to keep investigating the case of Bank VTB 24 and a number of insurance companies related to violation of the competition protection law,’ the spokesperson for the Federal Antimonopoly Service said to UrBC.

The Service took legal action against Bank VTB 24, Rosgosstrakh-Stolitsa, Ingosstrakh, Voenno-Strakhovaya Company, VTB Strakhovaniye Insurance Company, Rosgosstrakh-Siberia, Rosgosstrakh-Severo-Zapad, Rosgosstrakh-Povolzhye, Rosgosstrakh-Tatarstan, Rosgosstrakh-Yug, Rosgosstrakh-Ural, Rosgosstrakh-Dalniy Vostok, Rosgosstrakh-Center, Rosgosstrakh-Accord, Russkiy Mir Insurance Company, PARI Insurance Company, and Kuzbass Gubernskaya Insurance Company on February 14, 2008.

'We had to start the proceedings after these insurers reported they signed some agreements that could lead to limiting the competition on the insurance market, through fixed tariff collusion, for instance. The fact that they confessed voluntarily means Bank VTB 24 and the insurance companies won’t have to face any administrative liability, but the case will have to be considered in court anyway,’ the spokesperson for the Federal Antimonopoly Service said.