Russian billionaire Oleg Deripaska has sold his 9.99 percent stake in German construction giant Hochtief, his company said on Thursday, as the credit crunch batters Russia's richest man.

The sale marks the second major blow this month to Deripaska, who already handed a $1.4 billion stake in Canadian auto parts maker Magna to creditors as his indebted empire struggles to find money amid the liquidity squeeze.

Hochtief shares closed on 24.20 euros on Thursday, valuing Deripaska's stake at around 170 million euros ($233.3 million), a discount of nearly 70 percent to the price he paid in May of last year.

As stock prices around the world have tumbled dramatically in recent weeks, margin calls have led to forced selling of assets at steep discounts.

Deripaska, valued by Forbes at $28.6 billion, has repeatedly argued that this valuation of his empire is incorrect because it does not include the large debts assumed by Basic Element as it amassed assets from aluminium and oil to construction and food.

His spending spree on foreign assets has in recent years helped promote the image of Russia as a resurgent economy.

In the course of a decade, Russia has gone from depending on foreign loans to giving them out, and its businessmen became powerful forces in the world of mergers and acquisitions.

Analysts have warned that the ebbing of global liquidity and plummeting stock values could mean that Russia's oil-driven streak of expansion is drawing to an end, as its industrialists are forced to focus on keeping their core assets intact.

A spokesman for Basic Element, Deripaska's main investment vehicle, said the firm was still committed to its large minority stakes in the world's largest aluminium producer Norilsk Nickel (GMKN.MM: Quote, Profile, Research, Stock Buzz) and Austrian construction firm Strabag.

In a terse statement, Basic Element, which was valued at $45 billion at the end of 2007, said the Hochtief stake has been sold.

Potanin he would pull out of an asset split deal, citing force majeure.

Copyright and Exemption Declaration :①All articles, pictures and videos that are marked with "China Aluminum Network" on this website are copyright and belong to China Aluminium Network (www.alu.cn). When transshipment, any media, website or individual must list the source from "China Aluminium Network (www.alu.cn)". We seek legal actions against anyone that disobey this. ②Articles that marked as copy from others are for transferring more information to readers, do not represent or endorse their opinions or accuracy and reliability. When other media, website or individuals copy from our website, must keep the source. Anyone that changes the articles' sources will hold the responsibilities for copyright and law problems. We also seek legal actions against anyone that disobey this. ③If any articles copied by our website concern the copyright and other problems, please contact us within one week.