When times are tough it's good for oligarchs to know other oligarchs who will do a deal, and then share that deal with minority investors of companies controlled by them. So it is with Czech coal miner New World Resources, controlled by Zdenek Bakala , who is selling the Ferrexpo stake to New World that he recently bought from Kostyantin Zhevago , the Ukrainian billionaire businessmen and politician, who was faced with a margin call by JPMorgan. Made all the more convenient by the fact that JPMorgan Cazenove's Ian Hannam floated both companies.

There are also links between New World chairman Miklos Salamon and the Ferrexpo chief executive, Mike Oppenheimer, the two having worked together at BHP Billiton, Mr Salamon said yesterday.