In view of Western sanctions as a result of the war in Ukraine, Russia must ensure it attracts investors from friendly countries, said the founder of aluminum group Rusal.
Russian businessman and billionaire Oleg Deripaska has criticized the country’s leadership for its economic policies in extraordinarily strong terms. “I am very worried all the time that the state and companies are constantly working against each other,” the founder of aluminum company Rusal said on Thursday at an economic conference in the Siberian city of Krasnoyarsk. The state puts “two public prosecutors and four inspectors” for each entrepreneur.
In view of Western sanctions as a result of the war in Ukraine, Russia must ensure that it attracts investors from friendly countries, Deripaska demanded. “We are going to need foreign investors.” However, the government’s move towards a wartime economy is hurting the business climate. “The rule of law and predictability are very important,” he said, according to the state-run Interfax news agency. “If we change the rules of the game every year or every quarter, nobody will have confidence – neither Russians nor foreign businessmen.”
Deripaska, 55, is one of the country’s biggest businessmen, traditionally called oligarchs but who have lost influence since Russia’s attack on Ukraine last year. In return, representatives of the security apparatus, the so-called siloviki, expanded their positions of power. Like other businessmen and politicians, Western sanctions were imposed on Deripaska.
According to the Ministry of Economy, Russia expects gross domestic product (GDP) to fall by 2.9% this year. Analysts also expect a decline in economic output next year. According to preliminary data, the Russian economy shrank by 2.1% last year.
(Portal)