If you lost the equivalent of £17bn in a year (Forbes ) you’d probably want a bit of home comfort too. Unfortunately for Oleg Deripaska, the Russian billionaire, his appeal to have a £2.4 billion lawsuit against him transferred from London to Russia has been rejected. The long-running dispute between RUSAL owner Deripaska and Israel-based businessman Michael Cherney over a 20% stake of aluminum giant RUSAL is set to remain in UK courts. (Picture from www.kremlin.ru)

This is one of a number of such disputes to come before the English courts. The media attention and court battles have done much to lay bare the dealings of some of Russia’s richest and most powerful businessmen. The extraordinarily extravagant lifestyles of some of the Russian billionaires with their armoured superyachts and penchant for trophy assets can’t help but draw comparisons with fictional characters from Ian Flemming’s novels…

As if to pad the stereotype, the Court of Appeal decided that there was sufficient evidence to conclude that Mr Cherney’s safety might be in danger if he returned to Russia or that a trial there could be prejudiced by Mr Deripaska’s ties to the Kremlin. And last year, Mr Justice Christopher Clarke, sitting in the High Court, found that Mr Cherney faced the threat of assassination or jail if he returned to the country.

Who needs fiction.

Bryan Cave advised Deripaska and Dechert advised Cherney. Bryan Cave instructed Ali Malek QC from 3 Verulam Buildings as counsel while Dechert instructed Geoffrey Vos QC of 3 Stone Buildings.