MOSCOW, November 6. /TASS/. Russian businessman Oleg Deripaska has not planned to visit the World Economic Forum (WEF) in Davos because he stepped down from managing business, a source close to the businessman told TASS on Tuesday.

"Oleg Deripaska did not plan to travel to Davos - he stepped down from business and participation in the forum has no sense therefore," the source said.

Financial Times reported earlier on Tuesday citing its sources that Deripaska, head of Renova Group Viktor Vekselberg and VTB Chief Andrei Kostin will not be invited to the Forum in connection with concerns of international organizations due to US sanctions imposed on Russian businessmen this April. No legal grounds are in place to prevent arrival of businessmen at the Forum, it said.

"As the FT noted, we have not comment to make on this story," Davos Forum spokesman Adrian Monck said responding to a request from TASS to confirm or deny this information.

The World Economic Forum annually organizes a meeting in the mountain resort of Davos (Switzerland), bringing together political and business elite. The next meeting is scheduled to January 22 - 25, 2019.