EU antitrust regulators have accepted concessions made by Gazprom and will not issue a fine against the energy giant

The European Commission has dropped a seven year long investigation into allegations of excessive pricing by Gazprom after the Russian gas supplier agreed to make it easier for competitors to obtain access to eastern European markets.

European Union Competition Commissioner Margrethe Vestager said: "As always, this case is not about the flag of the company it is about achieving the outcome that best serves European consumers and businesses."

The deal was welcomed by Gazprom which supplies around a third of the EU's gas and could have been fined up to 10 per cent of its global revenues. But it has angered Poland and the Baltic states who had wanted Brussels to take a tougher line.