Russian oligarch Oleg Deripaska steps down from helm of energy firm En+

Russian oligarch Oleg Deripaska is to step down as president of En+, the aluminium and energy giant he controversially floated on the London Stock Exchange last year.

It is not clear why he is stepping back, but the billionaire has been the subject of several unwelcome recent headlines.

He was named in the recent US list of wealthy or politically connected Russians drawn up as part of its sanctions against the country.

This came amid reports the En+ float was causing the UK security concerns and complaints that much of the proceeds were spent repaying loans to a sanctioned Russian bank.

Reports last week said US banks were refusing to work on another planned En+ fundraiser because Deripaska is on the US list. En+ denied such plans.

Then he faced embarrassment over allegations by opposition leader Alexei Navalny that escort girls were on board his yacht while he was entertaining deputy prime minister Sergei Prikhodko.

He is waging a battle in London with Chelsea FC boss Roman Abramovich and a third oligarch for control of a mining firm.

The Financial Times said that spat, over Norilsk Nickel, was the reason for Deripaska stepping back at En+, but Russian newspaper Kommersant said he wanted to focus on other businesses.

En+ declined to comment.