The EU on Thursday settled a high-stakes anti-trust case against Gazprom, the Kremlin-backed energy giant, over claims it abused its dominant position as a gas provider in eastern Europe member states.

EU Antitrust Commissioner Margrethe Vestager said Thursday that Gazprom will have to ease its hold on the market there, giving consumers "an effective tool to make sure that the price they pay is competitive."

Following three years of legal action, the decision means Gazprom will have to remove restrictions on customers to resell gas across borders and improve gas flows to members like Bulgaria and the Baltic nations.

If Gazprom breaks any of the obligations, the EU can impose a fine of up to 10 percent of the company's global turnover.