The stakes are mounting in Oleg Deripaska’s bid to list his UC Rusalaluminium group in Hong Kong and Paris by the end of the year as the clock ticks closer to a November 19 deadline.

The Russian billionaire is in the final stages of agreeing a restructuring deal with foreign creditors on $7.3bn in debts, a vital precondition for the initial public offering valued at between $1bn and $2.5bn to go ahead, people familiar with the situation say.