RUSSIAN ANTIMONOPOLY SERVICE HOOKS WESTERN UNION

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MOSCOW, AUGUST 11 (RIA Novosti) - The Western Union company has fulfilled the order of the Federal Antimonopoly Service and notified it, the FAS press service said on Wednesday.

Earlier, the then Antimonopoly Policy Ministry established the fact of Western Union's violating the law On the Protection of Competition on the Financial Services Market, actually limiting the rights of its participant banks for cooperation with other payment systems.

"The case has been considered in court twice and it has twice issued the verdict in favor of the antimonopoly organ, recognizing the lawfulness and validity of the decision and order issued by the Russian Ministry for Antimonopoly Policy," the FAS press service recalls.

Western Union says that that it has prepared a new version of the standard agreement to be used as the basis for discussing future contracts between the company and Russian banks. "The agreement does not include the provision intending that, during its operating time, the bank shall not be a go-between or a representative of other organizations offering money-transfer services to individuals without opening bank accounts," the press release reads.

Based on this ministerial order, Western Union sends proposals to the banks with which it has contractual relations to consider the possibility of amending the corresponding clauses of the contracts, the communique notes.

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