March 21, 2023

Russia may run out of money in next one year ukraine war is impacting economy businessman claims

2 min read


Outspoken Russian businessman Oleg Deripaska says Russia’s coffers could dry up within a year
Deripaska told that Russia’s coffers will be empty by next year due to Ukraine war
Deripaska said foreign investors, especially “friendly” countries, also have a big role to play.

moscow, The economic situation in Russia, which has been at war with Ukraine for a long time, is going to be worrying soon. Outspoken Russian businessman Oleg Deripaska said at an economic conference in Siberia on Thursday that Russia’s treasury could dry up within a year, requiring foreign investment. According to a report by the Russian state-owned news agency TASS, Oleg Deripaska told that there will be no money already next year due to the Ukraine Russia War, so Russia needs foreign investors. The Russian elite called for an end to Moscow’s war in Ukraine in 2022, early in the conflict.

Deripaska said that foreign investors, especially “friendly” countries, also have a big role to play. This foreign investment will depend on Russia’s ability to create the right conditions and make its markets attractive, he said. Significantly, since the invasion in February 2022, Western countries have imposed more than 11,300 sanctions on Russia. Also froze about $300 billion of Russia’s foreign reserves in an effort to deprive the Kremlin of resources for its offensive.

However, China has been given a financial lifeline by purchasing energy from the Russian government instead of Western suppliers of products such as machinery and base metals. Still, Moscow has a long way to go before recovering lost export money and other sources of income due to sanctions. According to government records, Russia’s economic output fell 2.1 percent last year. The country’s revenue fell 35 percent in January compared to the previous year, while its expenditure increased by 59 percent. This resulted in a budget deficit of about $23.3 billion.

Tags: economic crisis, russia ukraine war, Vladimir Putin

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