February 23, 2024

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Russia may run out of money as early as 2024

Russia may run out of money as early as 2024

The oligarchy warns

“Russia will have no money next year”

At a recent economic forum in Siberia, Oleg Deripaska made a bleak prediction. In his view, the country is urgently dependent on foreign investment due to economic sanctions.

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A few years ago, Oleg Deripaska (left) and Vladimir Putin (right) got along well.

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  • Outwardly, the Kremlin presents a better world – but the Russian economy is groaning under Western sanctions.

  • Reserves are already tight and could run out by 2024, according to industry giant Oleg Deripaska.

  • With declining incomes and rising military spending, hopes for investment from abroad have risen.

The Russian government could run out of money early next year. This forecast was not made by a Western economist, but by Oleg Deripaska. The Russian oligarch is the founder and owner of Basic Organ, one of Russia’s largest industrial conglomerates. He was also the chairman of Rusal, the world’s second-largest aluminum producer, until 2018. He co-founded the company in the 1990s.

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“Other countries rely on Russia”

He has now made an urgent address as part of the Krasnoyarsk Economic Forum, which will be held in Siberia from March 1 to 3. Financial collapse of the Russian Federation warned. “At the beginning of next year, no more money will be available,” Deripaska said on Thursday. “Financial resources are becoming increasingly scarce, which is why many countries have already begun to depend on us.”

In early 2022, the Russian state budget recorded a record deficit. to Russian authorities are planning to stave off the threat of bankruptcy According to “Bloomberg”, they are already planning to increase their household income, for example by higher taxes on oil companies or one-time taxes on groups of goods.

Meanwhile, the Kremlin wants Material and troop losses in Ukraine Balancing as much as possible, this causes military spending to skyrocket. In early 2023, Russia announced that it would spend more than $84 billion on the military in the coming year — more than 40 percent more than the originally planned budget for 2023.

Asia must play an even more important role

According to Deripaska, Russia has to cover the massive costs Create a market economy to facilitate foreign investment. For example, countries with “huge resources” would be potential partners for Russia. “We thought we were a European country,” Deripaska said. “Now, in the next 25 years, we will be thinking more about our Asian past.”

Oleg Deripaska has been sanctioned by the United States since 2018, when the European Union and Switzerland imposed sanctions on Deripaska after the Russian invasion began. The oligarch was one of the first big Russian businessmen to voice support for peace talks between the parties and publicly questioned the Kremlin’s message. Only the Budsha Massacre was staged was

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Deripaska in view from both sides

Since what he described as a “special military operation”, the conflict in Russia must continue to be called a war and “a huge mistake”, and in June 2022, he calls for a seizure of the press oligarchy loyal to the Kremlin. These calls seem to have been heeded: in late 2022, a Russian court seized a luxury Black Sea hotel owned by Deripaska. The move comes after the industry giant criticized the war – and was asked by the Kremlin to “keep calm”, according to a person close to it.

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