Following widespread media reports and a Facebook campaign, Mr Deripaska was moved to intervene, and arranged for a team of animal welfare charity workers to recue as many as they could.
Shelter coordinator Olga Melnikova last week told the New York Times: "We were told, 'Either you take all the dogs from the Olympic Village or we will shoot them'."
Around 140 of the animals have so far been saved from the cull, and a number have been successfully rehomed.
Many animals could not be saved. Last week, what appeared to be the final straw came when one stray got into the main Olympic stadium during a rehearsal of the opening ceremony.
Alexei Sorokin, the director of the company tasked with "catching and disposing of" the dogs, described the animals as "biological trash" and said that Sochi has "an epidemic of rabies".
"I am for the right of people to walk the streets without fear of being attacked by packs of dogs," he said.
Mr Deripaska was the subject of headlines in the UK in 2008 when he was embroiled in the so-called "yachtgate" scandal between Lord Mandelson and the then-shadow chancellor George Osborne.
The billionaire later said he had considered "severing ties with Britain" after the political row following a party on his yacht, which left the peer denying doing "any favours" for him, and Mr Osborne denying making attempts to solicit a donation to the Conservative Party.
- UK Independent