Russian billionaire Oleg Deripaska, in a statement underscored by a profound critique of current pressures on Western investors in Russia, emphasized the detrimental impacts of such practices not only on Russia’s economy but also on the global economic landscape.
Deripaska, whose comments were validated by his spokesperson and reported by the Russian edition of Forbes magazine, articulated a clear stance against the coercion facing foreign companies in Russia, labeling it as “dishonest, short-sighted and extremely harmful to the economy – not only the global economy, but also to Russia’s.”
The backdrop to Deripaska’s comments is the tumultuous shift in Russia’s economic relations with the West following the 2022 invasion of Ukraine.
This period saw a significant exodus of Western companies from Russia, with some of their assets falling under state control or into the hands of Putin’s allies.
Reports have surfaced of Western investors being pressed into selling their Russian holdings at markedly low prices, facing threats of expropriation.
Amidst this economic strife, Deripaska’s voice emerges as a call for integrity and foresight.
He highlights the importance of Western investment in Russia, advocating for these investors to retain ownership and weather the stormy conditions, underscoring the value of their continued engagement in Russia’s business landscape.
Deripaska himself is no stranger to controversy, having been sanctioned by the UK and the US for his alleged connections to the Russian government, claims he contests vigorously through legal channels.
His personal narrative, from a physics student at Moscow University to a metals trading magnate post-Soviet Union, illustrates a trajectory marked by significant accumulation of wealth and influence, culminating in a net worth of $2.8 billion as reported by Forbes.
The billionaire, who founded the industrial conglomerate Basic Element, has been vocal about the conflict in Ukraine, describing it as a tragic conflict for both nations involved.
Despite facing sanctions, including those imposed by the United States in 2018 for “malign activities” linked to the Russian state, Deripaska has dismissed these allegations as “groundless, ridiculous and absurd”, maintaining a critical stance towards the sanctions’ justification and implications.