Firm part-owned by Abramovich 'breaching rules'

Russia’s antitrust body says that a company part-owned by Chelsea Football Club owner Roman Abramovich has breached anti-monopoly rules.

The Federal Anti-monopoly Service says Evraz Holding is overcharging customers for coking coal.

It opened parallel investigations into Evraz, Mechel and Raspadskaya Coal in July after it noted a steep rise in coking coal prices at the end of last year.

Coking coal is a key material used in the production of steel.

The FAS has yet to set a fine, but it said today it would not be more than 2% of Evraz’s annual revenue.

Authorities earlier had fined Mechel, Russia’s sixth-largest steelmaker, $32m for price fixing.

Raspadskaya Coal, an Evraz affiliate, has also been charged with manipulating prices.