The oligarch says Russia could “run out of cash” because of the sanctions

a Russian oligarch Oleg Deripaska has warned of the strong economic impact of sanctions on Russia, which he says are causing more damage than the Kremlin has claimed, suggesting the hypothesis that the country could go bankrupt as early as next year.

At a conference of investors in the Siberian region, the oligarch, who is linked to the energy and mineral sector, said that Russia must ensure investment from countries “friendly” to the regime, otherwise it will face serious economic difficulties.

“There will be no money next year. We need foreign investors,” Deripaska was quoted as saying by the Guardian newspaper.

The businessman, the founder of Rusal, the largest exporter of aluminum in the world after China, became the richest man in Russia, but after the start of the war and the sanctions imposed by the West on his companies, Oleg Deripaska admitted that the country’s money is diminishing. “That’s why they are [o governo russo] We are already starting to help us.”

The oligarch reiterated that the pressure created by Western sanctions is “dangerous”, so Russia will have to “cease” to be a European country. “I thought we were a European country. Now, for the next 25 years, we will think more about our Asian past,” he said.

Oleg Deripaska’s comments come after financial entities indicated Russia’s deficit could rise to 3.5% of GDP, far higher than the numbers expected by the Russian government – which has devalued sanctions even as Putin has come to ensure the Russian economy is stable. Stronger without exports to European countries.

The European rating agency Scope explained that the country suffered a lot of losses in exports that were forced to Western Europe, in addition to the huge expenses that the country incurred to keep its military industry in full operation, to match the needs of the invasion of Ukraine.

Also read: European Union sanctions imposed on the Wagner Group for violating human rights in Africa