Traffic volumes for Globaltrans Investment, Russia’s largest private rail freight operator, fell sharply in the first two months of the year, the London-listed company warned.

However, the company, whose market is still dominated by OAO Russian Railways, the state rail company, yesterday said its turnover had fallen less sharply than the sector in Russia overall. It remained determined to establish itself as Russia’s leading private rail freight operator. The company, which operates in several countries of the former Soviet Union, was also intending to expand further in Kazakhstan.