Moscow: Reportedly, Russia will be headed for financial bankruptcy within a year. According to the media, Oleg Deripaska, the former Russian nobleman, said that if the country is to be saved, foreign countries will need help. Oleg Deripaska has denied this following President Vladimir Putin said that the economic situation is secure. Putin made a statement the other day praising the economy that did not collapse in the face of Western sanctions.
“By next year there will be no money in the treasury, we need foreign investors,” said oligarch Oleg Deripaska in the wake of the Russia-Ukraine war. Russian oligarchs had called for an end to Moscow’s occupation of Ukraine in the early days of the conflict in 2022, Russian state-owned news agency Tass reported. Deripaska believes that especially those from Russia’s friendly countries can play a big role in saving the country, and that the flow of foreign investment will depend on Russia’s ability to create the right conditions and make markets attractive.
Since its invasion of Ukraine in February 2022, Western countries have imposed more than 11,300 sanctions once morest Russia. Russia’s foreign reserves of $300 billion were also frozen. At the same time, China is providing financial assistance to Russia. Russia is cutting oil production this month. Western countries may tighten sanctions further. Oleg Deripaska also pointed out that Russia’s economic prospects may be determined by what happens in Ukraine.
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Last Updated Mar 4, 2023, 12:27 PM IST
