Energy tycoon Oleg Deripaska, who is classified as an aide to Russian President Vladimir Putin, said, “Russian funds may run out next year.”

According to foreign media such as CNN on the 3rd (local time), Deripaska said at an economic conference the day before, “We need foreign investors.”

Foreign media reported that his remarks contrasted with President Putin’s recent self-praise of the resilience of the Russian economy.

Russian authorities claim that the size of the economy in 2018 decreased by only 2.1% compared to the previous year. However, since the outbreak of the war in Ukraine, 11,300 sanctions against Russia have been imposed, and foreign currency reserves of 300 billion dollars have already been frozen. In addition, with the recent introduction of a cap on the price of Russian oil, Russia has decided to reduce crude oil production from this month.

Foreign media reported that the volume of imports of Russian products to the European Union (EU) decreased by 51% from February to December last year. The EU was a major trading partner, accounting for 38% of Russia’s exports in 2020, before the war.

In January, Russian tax revenues were down 35% compared to last year. However, spending has increased by 59%, bringing Russia’s national budget deficit to 1.761 trillion rubles (approximately 30.34 trillion won).

“Foreign investors, especially those from friendly countries, have a role to play,” said Deripaska. “It depends on whether Russia can create the right conditions and make the market attractive.” .

Deripaska has opposed the war, fearing the economic impact of international sanctions following the Russian invasion of Ukraine. In September of last year, he was also charged with violating the US Sanctions Act (International Emergency Economic Powers Act).

Source: Donga