Oligarch Oleg Deripaska will step down as president of the EN+ energy company and Rusal, the world's second largest aluminium producer, Russian and international media reported on Monday.

Mr Deripaska, whose 2008 meetings with Lord Mandelson and George Osborne on his yacht in Corfu caused controversy in the UK, owns controlling stakes in both companies.

This month, MI6 said intelligence services should have been consulted before EN+ was allowed to go ahead with a London Stock Exchange offering that brought in an estimated £1 billion in November.

Kommersant newspaper reported claims by sources in Mr Deripaska's companies that he was leaving the top posts due to his inclusion last month in the “Kremlin list” of Russian oligarchs, which the Trump administration issued under US sanctions legislation.

But the list's impact has been called into doubt since it named all Russians with a net worth of at least $1 billion. A source at the company told The Telegraph that the tycoon simply wanted to focus on developing his automobile concern GAZ and its partnership with German carmaker Volkswagen.

EN+ and Rusal had not responded to requests for comment on Monday.