Oleg Deripaska is relinquishing roles in two of his businesses to focus on GAZ, a carmaker

One of Russia’s richest men has resigned as president of two of the country’s biggest industrial groups, amid a growing battle for control of the world’s top nickel producer.

Oleg Deripaska, the billionaire industrialist who famously entertained George Osborne, the former chancellor, and Lord Mandelson on his super-yacht, is to step down as president of the aluminium giant Rusal and the power company En+, according to Russian media reports yesterday.

Mr Deripaska will instead focus on his car-making business GAZ. He will remain in a non-executive position at both companies. The board of both companies will consider the changes at a meeting later this week.

The move comes as Mr Deripaska squares up to two other Russian oligarchs for control of Norilsk Nickel, the world’s