Support The Moscow Times!

Russia Faces Looming Foreign Investment Crisis, Oligarch Warns

Oleg Deripaska Alina Kovrigina / TASS

Russian oligarch Oleg Deripaska has warned the country faces an impending financial crisis and used his appearance at an economic forum in the Siberian city of Krasnoyarsk on Thursday to urge the Kremlin to ease its rules on foreign investment in the country’s economy.

“There will already be no money next year. We will need foreign investors,” Interfax quoted Deripaska as saying. 

“They will be looking at how Russian investors are making money, what their [operational] conditions are. If we don’t create [good] conditions and don't ensure the attractiveness of our market, then we will just keep dreaming,” he added. 

To attract foreign investors, Deripaska said the Russian authorities needed to ensure “the rule of law.”

“It is necessary to stop these barbaric, Stone Age practices of imprisoning every other person for nothing,” said Deripaska, who has long been considered a close ally of President Vladimir Putin.

“If a person committed an economic offense once and compensated for it, they should walk free and keep working,” he added. 

Deripaska, who made his estimated $1.7 billion fortune from aluminum but whose wealth took a major hit from Western sanctions imposed last year, also proposed the Russian authorities dramatically cut the number of public service employees, calling them a “serious burden” to the economy. 

“There is too much of this state apparatus and state capitalism. We need more freedom,” the oligarch said.

Sign up for our free weekly newsletter

Our weekly newsletter contains a hand-picked selection of news, features, analysiss and more from The Moscow Times. You will receive it in your mailbox every Friday. Never miss the latest news from Russia. Preview
Subscribers agree to the Privacy Policy

A Message from The Moscow Times:

Dear readers,

We are facing unprecedented challenges. Russia's Prosecutor General's Office has designated The Moscow Times as an "undesirable" organization, criminalizing our work and putting our staff at risk of prosecution. This follows our earlier unjust labeling as a "foreign agent."

These actions are direct attempts to silence independent journalism in Russia. The authorities claim our work "discredits the decisions of the Russian leadership." We see things differently: we strive to provide accurate, unbiased reporting on Russia.

We, the journalists of The Moscow Times, refuse to be silenced. But to continue our work, we need your help.

Your support, no matter how small, makes a world of difference. If you can, please support us monthly starting from just $2. It's quick to set up, and every contribution makes a significant impact.

By supporting The Moscow Times, you're defending open, independent journalism in the face of repression. Thank you for standing with us.

Once
Monthly
Annual
Continue
paiment methods
Not ready to support today?
Remind me later.

Read more