The Federal Antimonopoly Service’s Perm Territory division imposed a million-ruble fine on Sberbank of Russia’s West-Ural branch for abusing the bank’s monopoly on the local market.

The Service stated earlier that Sberbank of Russia’s West-Ural branch had violated Article 10 (part 1, paragraph 7) of the Federal Competition Protection Act. The offense consisted in the bank abusing its dominant market position through introducing unreasonably high fees for the opening of and administration of an account (with no e-banking services provided) for legal entities. Such pricing policies were practiced in all of the bank’s outlets within Perm Territory.