Russia’s aluminum tycoon laments Russia’s state-owned financial system


(Reuters) – Russia’s aluminum tycoon Oleg Deripaska on Wednesday lamented a “primitive” Russian financial system dominated by state-owned banks, while other countries took advantage of international financial consolidation. said to be stuck in the past.

The billionaire founder of aluminum giant Rusal is one of the few Russian businesses to criticize the economy’s operations when a full-blown invasion of Ukraine forced Western investors to flee, triggering international sanctions against Russia. I am one of the leaders.

These sanctions have prompted Russia to do more business, especially with China, and even hold reserves in renminbi rather than dollars, contributing to the erosion of the U.S. currency’s dominance.

Deripaska said many countries are looking to use the development of a multi-currency financial order for their own benefit.

“Everyone but us,” he wrote on his Telegram channel.

“With a financial system of bondage and usury based on state-owned banks, the most primitive understanding of the role of debt, credit and capital in the economy, we are slipping more and more into the past.”

Political criticism of the Kremlin is strictly prohibited in Russia, but some business leaders are allowed to address the economy’s shortcomings.

Deripaska, who has been sanctioned by the US, UK and European Union last month, called on the government to stop interfering in its business. And in June, he suggested that an invasion of Ukraine would reverse decades of Russian economic development.

Written by Kevin Liffey.Editing by Christina Fincher

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