The Russian Federal Antimonopoly Service (FAS) has announced that on September 5 it completed its investigation of Evraz Holding's coking coal producing subsidiary Raspadskiy Ugol, on the basis of violation of article one of Russian federal antimonopoly law.
The FAS has determined that the Evraz's subsidiary in question abused its dominant position in the Russian coking coal market and maintained monopolistic high prices for its products.
As a result, the FAS will impose administrative fines on Evraz's subsidiaries varying from one to 15 percent of the total revenues of the company in question received from sales of coking coal in the year preceding the year in which the abuse of the antimonopoly regulations occurred.
In determining the amount of the Raspadskiy Ugol's fine, the FAS will consider the facts that Raspadskiy Ugol has assisted the service in the investigation, unilaterally reduced its coking coal price for the Russian domestic market to Ruble 5,300/mt ($208/mt), stability of the company's domestic deliveries and presence of long-term agreements for supply of this raw material to domestic consumers for the period of five years.