Michael Cherney is wanted in Spain on charges of organised crime and money laundering and there is an outstanding Interpol arrest warrant against him.

A man accused of being one of Russia's biggest gangsters is preparing to give evidence in a £2.3 billion High Court battle against a billionaire friend of Peter Mandelson.

Michael Cherney is using the English courts to sue oligarch Oleg Deripaska, claiming he did not pay him after agreeing to buy out his "alleged" share in Russian Aluminium.

Uzbekistan-born Cherney, 59, can now pursue his claim after a judge ruled he can give evidence via video link rather than be required to appear in person because he faces being arrested if he comes to Britain.

Cherney is wanted in Spain on charges of organised crime and money laundering and there is an outstanding Interpol arrest warrant against him.

He will be allowed to give evidence from his home in Israel after Mr Justice Flaux consented to the request and set a trial for next April.

The warring parties are two of the most colourful characters to come before the normally dusty world of the commercial courts.

Deripaska, 43, famously hosted a gathering on his yacht of Nathaniel Rothschild, George Osborne, then shadow chancellor, and the then European Commission trade commissioner Peter Mandelson in Corfu in the summer of 2008.

It caused a political uproar about alleged clashes of interests and business influence.
Deripaska lives in Moscow but has a home in Belgrave Square.

In 2008 his wealth was rated by Forbes magazine at £17.4 billion - making him Russia's richest man - but this has now declined to £10.2 billion.

At a High Court hearing in 2008, Mr Justice Christopher Clarke said "a considerable amount of evidence has been put forward in relation to Cherney's alleged criminality".

He went on: "He is reputed to be a gangster in some of the public press in Russia and there is heavy evidence that this view is taken by some security personnel."

The international arrest warrant on the Spanish charges was issued in May 2009 and Mr Cherney claims he has not left Israel since that time.
The High Court accepted jurisdiction of the case because Cherney claimed he could not get a fair trial in Russia.

Mr Cherney says that at a meeting in London in March 2001 Mr Deripaska agreed to buy out his (Cherney's) alleged stake in Mr Deripaska's company, Russian Aluminium, but the money was not paid.

Mr Deripaska, who strongly rejects this claim, says he was being forced to pay protection money to Mr Cherney.