President Putin has made no secret of his belief that Russia should use its natural resources as a power base in dealing with the rest of the world. Russian businessmen are expected to adopt this geo-political view – and few have done so as successfully as Oleg Deripaska.

The origins of his wealth are rumoured to be even murkier than the average oligarch, and he had a visa to enter the United States revoked.

However, he effectively owns Rusal, the world’s largest aluminium producer, and is using the company’s strength to enrich both himself and Mother Russia. When Rusal lists in London this year, the estimated $8 billion (£3.9 billion) that it will raise will be used to buy and upgrade natural resources assets in Russia and Europe.

Mr Deripaska is also using his other business interests with one eye on the bottom line and another on fulfilling a patriotic duty. He has bought a 10 per cent stake in Hochtief and is understood to want more. The partnership could open the Russian market and government contracts to Hochtief, while allowing Russia to benefit from Western expertise in infrastructure construction, particularly airports.

Basic Element, the holding vehicle for Mr Deripaska’s assets, has bought a 30 per cent stake in Strabag, Europe’s largest tunnel and bridge builder. In May, Mr Deripaska bought a stake worth $1.5 billion in Magna, the Canadian car parts manufacturer. He is also rumoured to have bought a 5 per cent stake in General Motors, although this has never been confirmed.

The Magna stake will allow Mr Deripaska’s Russian automotive business, which makes GAZ trucks and Volga sedans, to start to build Western-designed car parts. The hope is then to export these parts, produced by cheap Russian labour, back to European manufacturers.

Mr Deripaska has even said that he would hand over his empire to the State if asked, which could be an empty gesture, given the Kremlin’s ability to destroy dissident oligarchs. Yet it is a gesture of loyalty and such things matter in Moscow. This loyalty could be rewarded if the Kremlin allows Mr Deripaska to buy Russneft, the $6 billion oil company.

Mikhail Gutseriyev, Russneft’s owner, has been charged with tax evasion and is thought to have fled the country. Assuming that the State seizes the assets in lieu of tax payments, as it did with Yukos, the likely buyer is Basic Element.

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