MOSCOW—Russian tycoon Oleg Deripaska, who has faced scrutiny over his ties to the Kremlin and former Trump campaign chairman Paul Manafort, is stepping back from the presidency of his giant aluminum company.

The announcement Friday came as Mr. Deripaska also faces a renewed battle for control of Russia’s largest mining company.

Mr. Deripaska’s move, announced by aluminum producer United Rusal Co. Friday, was expected, analysts said, noting that it will allow him to take a more strategic role overseeing all of his assets, which also include a power company and an auto maker.

In January, Mr. Deripaska was included in a Trump administration list of Russian tycoons with net worth of $1 billion or more. The compilation, mandated by Congress in connection with Russia’s alleged interference in the 2016 presidential election, didn’t entail any sanctions being applied to those listed, although officials said it could form the basis for further restrictions.

Mr. Deripaska, 50 years old, has also drawn attention in the U.S. investigations of alleged interference in the election because of his links to Mr. Manafort, the onetime Trump campaign head who has worked extensively in the former Soviet Union, including for Mr. Deripaska. Special counsel Robert Mueller’s office on Thursday obtained new tax and bank fraud charges against Mr. Manafort, who denies any wrongdoing.