Russia could run out of money next year, says oligarch Oleg Deripaska

By | March 2, 2023

The Guardian reports:

The oligarch Oleg Deripaska has said Russia could run out of money by next year unless the country secures investment from “friendly” countries as western sanctions bite.

Deripaska, an energy and metals tycoon who was once Russia’s richest person, told an investment conference in Siberia on Thursday: “There will be no money already next year. We will need foreign investors.”

Deripaska, who is subject to UK, US and EU sanctions over Russia’s invasion of Ukraine, said funds are running low and “that’s why they’ve [the Russian government] already begun to shake us down”, according to a Bloomberg report.

He said that Russia was suffering from “serious” pressure from western sanctions, and that the country and its businesses would have to look to other countries with “serious resources” to invest.

“We thought we were a European country,” said Deripaska, who is founder of Rusal, the biggest aluminium producer outside China. “Now, for the next 25 years, we will think more about our Asian past.” [Continue reading…]

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