Russian oligarch and aluminium titan Oleg Deripaska went on record earlier this week criticizing his country’s outdated financial system, noting that Russia’s financial sector is going backwards while the rest of the world leaves them behind.
Although criticism of Moscow by Russians can be dangerous, it appears that the founder and stakeholder in UC Rusal has been afforded some latitude in this area. In his Telegram channel, Deripaska noted that several countries are broadening to a multi-currency financial system in light of the changing monetary landscape.
“Everyone,” said Deripaska, “apart from us.”
“With our financial system of bondage and usury based on state banks, with our most primitive understanding of the role of debt, credit, capital in the economy, we are sliding further and further into the past.”
Deripaska, who is himself under sanction by the West, previously went on record calling upon Moscow to end its interference in domestic business. He also predicted last summer that the invasion of Ukraine would backfire on Russia, likely setting the country’s economy back by decades.
Moscow’s invasion of Ukraine triggered a global backlash against all things Russian, leading to a spate of sanctions from several countries and other government bodies and scaring off many Western investors.
Sanctions from Western nations have driven Russia into greater economic relations with the People’s Republic of China, with Russia going so far as to hold some of its reserves in the Chinese renminbi.
