Rosugol (
Russian: Росуголь) was a state-owned coal producer in Russia. It controlled 232 mines, 65
open-cast mines and 68 coal preparation plants.[1] In 1995, it was the fourth largest company in the country by revenue.[2] Yuri Malyshev was the company's chairman.
Rosugol was established in March 1993 by the
Russian government.[3] Created as a successor to the Soviet
Ministry of Coal Industry, it retained many of its functions.[4] It operated as a national coal monopoly, and its functions included allocating subsidies to mines.[5] As part of the country's transition to a market economy, Rosugol classified mining operation based on their economic viability.[5] Those deemed unlikely to survive market conditions were closed down, with miners being relocated to other regions.[6]
In 1994, the Russian government allocated $2.8 billion on direct subsidies to the sector through Rosugol, or more than 1% of the country's GDP.[5] Part of the support came from the
World Bank. In July 1997, the World Bank postponed a $500 million loan to the coal sector, citing a misuse of fund given to Rosugol.[7] Under pressure from the bank, President Yeltsin abolished the state-owned company in November 1997.[8] Its administrative functions were transferred to the
Ministry of Fuel and Energy.[9]