The war in Ukraine has ruined Russia! A businessman claims that Putin’s treasury is empty, until next year…
Outspoken Russian businessman Oleg Deripaska says Russia’s coffers could dry up within a year
Deripaska said Russia’s coffers will be empty next year due to war in Ukraine
Deripaska said foreign investors, especially “friendly” countries, also have a big role to play.
Moscow, The economic situation of Russia, long at war with Ukraine, will soon become worrying. Outspoken Russian businessman Oleg Deripaska told an economic conference in Siberia on Thursday that Russia’s treasury could dry up within a year, requiring foreign investment. According to a report by the Russian state news agency TASS, Oleg Deripaska said that there will be no money already next year due to the war between Ukraine and Russia, so Russia has need foreign investors. The Russian elite called for an end to Moscow’s war in Ukraine in 2022, when the conflict began.
Deripaska said foreign investors, especially “friendly” countries, also have a big role to play. This foreign investment will depend on Russia’s ability to create the right conditions and make its markets attractive, he said. Significantly, since the February 2022 invasion, Western countries have imposed over 11,300 sanctions on Russia. Also froze about $300 billion of Russia’s foreign reserves in a bid to deprive the Kremlin of resources for its offensive.
However, China received a financial lifeline by buying energy from the Russian government instead of Western suppliers of goods such as machinery and base metals. Still, Moscow still has a long way to go before recovering money lost from exports and other sources of revenue due to the sanctions. According to government records, Russia’s economic output fell 2.1% last year. The country’s revenue fell 35% in January from a year earlier, while its spending rose 59%. This resulted in a budget deficit of approximately $23.3 billion.
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Tags: economic crisis, russia ukraine war, Vladimir Poutine
FIRST POST: March 04, 2023, 6:36 p.m. HST