Apple has been found guilty of price-fixing in Russia, after the country's anti-monopoly agency said the US company had arranged for retailers to co-ordinate the prices of its iPhone models.

According to the Financial Times, "Russia's Federal Anti-monopoly Service on Tuesday said Apple's Russian subsidiary had illegally ordered retailers to fix prices of its iPhone 5 and iPhone 6 products, a charge that could lead to the California-based company being fined.

Apple had instructed 16 Russian retailers to hold the prices of its iPhone models and contacted them in the event that any products were being sold at "inappropriate" prices, the FAS said in a statement after a seven-month investigation, adding that it suspected Apple was able to terminate sale agreements with retailers if pricing guidelines were not met.

When the investigation was announced in August, Apple denied the charge and said that resellers set their own prices for products in Russia and other markets.

The Russian agency's deputy head, Andrey Tsarikovsky stated that "The company has adopted the necessary measures to eliminate violations of the law and is pursuing a policy to prevent similar violations in the future."

The Financial Times lastly noted that "Apple will have three months to challenge the decision in court after the full decision is published later this month, Mr Tsarikovsky added. Any fine under the anti-monopoly regulations could be as much as 15 per cent of Apple's Russian unit's sales, but would be decided in a few months."

While an Apple spokesperson stated that they worked closely with FAS during their investigation and are glad to put this matter behind them, the fact is that it's not over until the matter goes to court and the fine has been established.

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