Russia May go Bankrupt in a Year: Russian Oligarch

Russia’s treasury may run dry within a year, necessitating foreign investment, this was an outburst of the Russian oligarch Oleg Deripaska at an economic conference in Siberia on Thursday.

Oleg was commenting on Russian President Vladimir Putin’s praises for the Russian economy for its resilience even after Western sanctions imposed after its invasion of Ukraine.

“There will be no money already next year, we need foreign investors,” Oleg said in light of the Russia-Ukraine war, as reported by Russian state-owned news agency TASS.

Foreign investments will depend on Russia’s ability to make the right conditions and make its markets attractive, Olega was quoted as saying.

Since the Ukraine invasion in February 2022, Western nations have imposed more than 11,300 sanctions and frozen about $300 billion of Russia’s foreign reserves.

Ultimately, Russia’s economic prospects are determined by what happens in Ukraine, pointed out Oleg Deripaska. Russia’s economic output fell by 2.1 per cent last year. Russia’s revenue plunged 35 per cent in January in comparison to 2022. But its expenditures increased by 59 per cent because of the prolonged war. So, Russia is facing a budget deficit of about $23.3 billion. With 38 per cent of its exports to the European Union in 2020, Russia’s exports have dwindled much after its invasion of Ukraine.