Russian tycoon Oleg Deripaska has lost his appeal to block a $4 billion dispute over his stake in aluminum giant RUSAL from being heard in the U.K.

Following a ruling handed down on July 31 by the U.K.’s Court of Appeal, the long-running dispute between RUSAL owner Deripaska and Israel-based businessman Michael Cherney over a 20 percent stake of aluminum giant RUSAL is set to remain in U.K. courts.

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