“Russia will run out of money in 2024,” Russian oligarchs say abroad

The billionaire had already called for an end to the war in the early days of the conflict last year. His comment on Russia’s dire economic situation contrasts with President Vladimir Putin’s optimistic economic assessment last week. Putin praised the resilience of the country’s economy in the face of unprecedented Western sanctions over the past year.

The government estimated that Russia’s economic output shrank by 2.1 percent last year. The contraction was more limited than many economists initially expected. But the cracks are starting to appear. For example, Russia cut oil production this month and Western sanctions could escalate further.

“There is a big role for foreign investors,” says Deripaska. The arrival of these investors depends on whether Russia can create the right conditions and make its markets attractive.

The West is trying to deprive Russia of as much money as possible. Since the invasion in February 2022, Western countries have imposed more than 11,300 sanctions and frozen about $300 billion in Russia’s foreign reserves. On the other hand, China has thrown an economic lifeline to the Kremlin by purchasing Russian energy. They also replaced Western suppliers of machinery and base metals, among other things, and provided an alternative to the US dollar.

However, Russian government revenue fell 35% in January compared to a year ago, while spending rose 59%. This resulted in a budget deficit of about 1,761 billion rubles (about 22 billion euros).

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