Deripaska on Russia's economy: no money and investment, we need to cut state apparatus, security forces

Speaking at the Krasnoyarsk Economic Forum, Russian oligarch Oleg Deripaska criticized Moscow officials and warned that Russia could run out of cash as soon as next year, Interfax reports.

“The rule of law and predictability are very important. If we keep changing the rules of the game every year or quarter, no one will trust us: neither Russian entrepreneurs nor foreign ones. It is necessary to stop these enslavings, which date back to the Stone Age, 'imprisoning' everyone for no reason. If a person has committed an economic offense and compensated for it, let him or her continue working,” Deripaska said.

The attractiveness of the Russian market is falling sharply, and this affects the arrival of investors, he noted.

“There is no choice. There will be no money next year. We will need foreign investors. And they will be looking at how Russian investors make money, and what their conditions are. If we don't create them, if we don't make our market attractive, we will continue to dream,” the oligarch admitted.

He added that strengthening Russia's presence in the markets of the so-called 'friendly' countries will not be a simple process.

“It is clear that we need to enter new markets in friendly countries. It is very difficult. There are different rules of the game. If the WTO rules do not apply to Russian entrepreneurs, we will have to switch to bilateral agreements. There will be problems with settlements, and the sanctions pressure will be serious,” Deripaska said.

He also suggested halving the number of officials and law enforcement officers.

“We understand that this is a serious burden for the economy, which is under pressure due to the sanctions. There is too much of this state apparatus and state capitalism. We need more freedom,” Deripaska said.

“It's time to stop dreaming about some special place for Russia in the world and go about our business. State capitalism is a road to nowhere. I used to think that billions were wasted every year, but now I see that trillions are spent. The number of officials and security forces should be reduced by several times,” Deripaska summarized.

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