Oleg Deripaska became the first Russian oligarch to be publicly hit by the global financial crisis yesterday after he was forced to divest his 20 per cent stake in Magna International, the Canadian car parts maker, to creditors.

Mr Deripaska had faced margin calls on the $1bn loan that helped fund the $1.4bn investment as the value of the stake in Magna he had offered as collateral plummeted, two people familiar with the situation said.