United Company Rusal, the world's largest aluminium producer, is considering shifting its $9bn-plus initial public offering from the London Stock Exchange to Hong Kong amid souring relations between the UK and Russia and proposals for tougher listing rules in Britain.

There was a "95 per cent chance" it would now list in Hong Kong and not London, said a senior executive at Basic Element, the holding company of businessman Oleg Deripaska which owns a 66 per cent stake in Rusal.