Russian tycoon Oleg Deripaska has lost his appeal to block a $4bn (£2.4bn) dispute over his stake in aluminium giant RUSAL from being heard in the UK.

Following a ruling handed down last week (31 July) by the Court of Appeal, 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.

Despite Deripaska's claims that the case should be held in Russia, the Court of Appeal upheld a previous ruling that there could be risks to Cherney's safety and right to a fair trial if the case were held in Russia.

Dismissing the appeal, Lord Justice Moor-Bick said: "The judge held that there was a significant risk in this case that by travelling to Russia, as would be necessary if he were to pursue his claim there, Mr Cherney would place himself at materially greater risk of assassination than if he were to remain in Israel, where he normally lives, or if he were to come to London for the purposes of the trial. In my view there was plenty of evidence to support that finding."

The dispute concerns a stake in RUSAL, with Cherney claiming that as a result of a deal struck in London in 2001, Deripaska agreed to hold a 20% stake in RUSAL in trust for him.

The appeal was heard on 20 and 21 July, with Bryan Cave advising Deripaska and Dechert advising Cherney. Bryan Cave instructed Ali Malek QC from 3 Verulam Buildings as counsel while Dechert instructed Geoffrey Vos QC of 3 Stone Buildings.

The appeal stood before Lord Justice Waller, Lord Justice Moor-Bick and Sir John Chadwick.