One of Russia’s longest-running and most bitter corporate feuds has been settled in what could clear the way for an ownership shake-up in the booming Russian mobile telecoms sector.

The telecoms arm of the Alfa Group conglomerate, controlled by the oligarch Mikhail Fridman, and Ipoc, a Bermuda-based investment fund, have signed a “peace agreement” ending their battle over a 25.1 per cent stake in MegaFon, Russia’s number three mobile telecoms operator.