Aluminium magnate Oleg Deripaska is among several oligarchs to have been barred from attending the Davos World Economic Forum in January

Moscow (AFP) - The Kremlin on Wednesday said the Davos World Economic Forum would be “rejecting its roots” if it blacklisted top Russian tycoons including Oleg Deripaska.

Aluminium magnate Deripaska as well as Andrei Kostin, head of Russian state bank VTB, and billionaire Viktor Vekselberg have essentially been barred from attending the January gathering, the Financial Times reported on Tuesday.

The state bank told AFP that Kostin was aware of the decision.

The tycoons were hit with US sanctions in April.

“Deripaska, Kostin and Vekselberg became what they are not because of the forum. But the Davos forum became the Davos forum thanks to such businessmen,” Kremlin spokesman Dmitry Peskov told reporters.

“So in excluding such businessmen, the forum is also rejecting its roots.

“The Russian presence in Davos has traditionally been extensive. Most likely it will not be so extensive after such decisions from the forum,” he added.

Peskov said there was competition in the field of international economic forums, with two such gatherings held in Russia – in Saint Petersburg and the far eastern port of Vladivostok.

The trio of oligarchs are believed to be close to Putin and attended the Davos forum in the past.

Deripaska was particularly famous for throwing wild parties in Davos, with vodka, caviar and dancing Cossacks on offer.

Putin has not attended the forum for a decade, sending top government officials instead.