Rusal, the world's largest aluminium producer, may move its initial public offering of shares from London to Hong Kong, the Financial Times has reported.
A senior executive at Basic Element, the holding company which owns 66% of Rusal, told the FT there was a 95% chance of now listing in Hong Kong.
Among reasons for the move he cited tougher listing regulations in London and current Russia-UK political rows.
Some observers believe other reasons may be behind the move, the FT added.
Court battle
The delay follows the filing of a 20% Rusal ownership claim, in the High Court in London, by billionaire Michael Cherney.
Mr Cherney has pledged that $600m of any court settlement he may win would be given to charity.
But a spokesman for the Russian billionaire businessman Oleg Deripaska, whose assets are managed by Basic Element, said there was no previous partnership with Mr Cherney.
The spokesman told the FT that Mr Deripaska "does not owe Mr Cherney any money and Mr Cherney does not have and is not entitled to a share in Rusal".
Rusal delayed its IPO last year because of global market turmoil, saying the listing would happen within three years.
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