Russian tycoon Oleg Deripaska. AFP
Russian tycoon Oleg Deripaska. AFP
Russian tycoon Oleg Deripaska. AFP
Russian tycoon Oleg Deripaska. AFP

Russia may run out of money in 2024, billionaire Deripaska warns


Soraya Ebrahimi
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Russia could find its coffers empty next year and needs investment from friendly countries to break the hold of sanctions on the economy, billionaire Oleg Deripaska said on Thursday.

“There will be no money already next year,” he said at the Krasnoyarsk Economic Forum in Siberia.

“We will need foreign investors."

Mr Deripaska, founder of United Co Rusal International, the biggest aluminum producer outside China, said funds were running low and “that’s why they’ve already begun to shake us down".

They were among the most outspoken comments by a prominent business leader as the government looks to make large companies pay after ending last year with a record fiscal deficit and the budget still deep in the red for the start of 2023.

Authorities are already planning to raise more budget revenue with proposed changes to how they tax oil companies, and they may wrest more money from other commodity producers by means of a one-time levy.

While Russia had a surprise boom in capital spending last year, the outlook has turned more grim, especially as huge military spending strains public finances.

One year of the Russia-Ukraine war - in pictures

  • February 24 will be a year since Russia started the Ukraine war. The National picks out the most powerful images from the conflict. AFP
    February 24 will be a year since Russia started the Ukraine war. The National picks out the most powerful images from the conflict. AFP
  • A member of Ukraine's 79th Air Assault Brigade fires a rocket-propelled grenade at Russian positions near Marinka in February. Reuters
    A member of Ukraine's 79th Air Assault Brigade fires a rocket-propelled grenade at Russian positions near Marinka in February. Reuters
  • Ukrainian President Volodymyr Zelenskyy addresses MPs in Westminster Hall, London, in February 2023. Getty Images
    Ukrainian President Volodymyr Zelenskyy addresses MPs in Westminster Hall, London, in February 2023. Getty Images
  • Destroyed buildings 32km west of the front lines in Donetsk in January. Getty Images
    Destroyed buildings 32km west of the front lines in Donetsk in January. Getty Images
  • An anti-aircraft gun in January fires at Russian positions near Bakhmut, Donetsk. Reuters
    An anti-aircraft gun in January fires at Russian positions near Bakhmut, Donetsk. Reuters
  • Destruction in the village of Bohorodychne, Donetsk. AFP
    Destruction in the village of Bohorodychne, Donetsk. AFP
  • A Ukrainian artilleryman discards an empty shell on the outskirts of Bakhmut, eastern Ukraine, in December 2022. AFP
    A Ukrainian artilleryman discards an empty shell on the outskirts of Bakhmut, eastern Ukraine, in December 2022. AFP
  • Children receive presents from a Ukrainian soldier dressed as Santa on Christmas Eve in Sloviansk. Getty Images
    Children receive presents from a Ukrainian soldier dressed as Santa on Christmas Eve in Sloviansk. Getty Images
  • More than 1,000 missiles and rockets fired by Russian forces collected for cataloguing in Kharkiv in December 2022. Getty Images
    More than 1,000 missiles and rockets fired by Russian forces collected for cataloguing in Kharkiv in December 2022. Getty Images
  • The Metro provides shelter as Russia launches another missile attack on Kyiv, Ukraine's capital, in December 2022. Getty Images
    The Metro provides shelter as Russia launches another missile attack on Kyiv, Ukraine's capital, in December 2022. Getty Images
  • Children at a PE class in Kyiv after Russia abandoned its attempt to seize the capital in November 2022. Getty Images
    Children at a PE class in Kyiv after Russia abandoned its attempt to seize the capital in November 2022. Getty Images
  • A sniper searches for Russian positions on the bank of the Dnipro river in Kherson in November 2022. Getty Images
    A sniper searches for Russian positions on the bank of the Dnipro river in Kherson in November 2022. Getty Images
  • Graffiti by Banksy on a wall among the debris in Borodyanka in November 2022. Getty Images
    Graffiti by Banksy on a wall among the debris in Borodyanka in November 2022. Getty Images
  • Ukrainian flags flutter around graves in a cemetery for soldiers killed in action in Kharkiv in October 2022. Getty Images
    Ukrainian flags flutter around graves in a cemetery for soldiers killed in action in Kharkiv in October 2022. Getty Images
  • Parts of a drone, which Ukrainian authorities said was Iranian-made, after a Russian strike in Kyiv in October 2022. Reuters
    Parts of a drone, which Ukrainian authorities said was Iranian-made, after a Russian strike in Kyiv in October 2022. Reuters
  • An elderly woman is helped across a damaged bridge in Bakhmut in October 2022. Getty Images
    An elderly woman is helped across a damaged bridge in Bakhmut in October 2022. Getty Images
  • Fuel tanks ablaze on damaged sections of the Kerch bridge in Crimea, in October 2022. Reuters
    Fuel tanks ablaze on damaged sections of the Kerch bridge in Crimea, in October 2022. Reuters
  • A destroyed bridge makes crossing the Donets river difficult, in Staryi Saltiv, east of Kharkiv, in September 2022. AFP
    A destroyed bridge makes crossing the Donets river difficult, in Staryi Saltiv, east of Kharkiv, in September 2022. AFP
  • Firefighters at a thermal power plant in Kharkiv damaged by a Russian missile strike in September 2022. Reuters
    Firefighters at a thermal power plant in Kharkiv damaged by a Russian missile strike in September 2022. Reuters
  • Ukrainian soldier Oleksandr with his daughter Nikole at Lviv railway station in August 2022. Getty Images
    Ukrainian soldier Oleksandr with his daughter Nikole at Lviv railway station in August 2022. Getty Images
  • Ukrainian President Volodymyr Zelenskyy and then-British prime minister Boris Johnson read a plaque in Kyiv in August 2022 dedicated to the latter for his support. Getty Images
    Ukrainian President Volodymyr Zelenskyy and then-British prime minister Boris Johnson read a plaque in Kyiv in August 2022 dedicated to the latter for his support. Getty Images
  • Destroyed Russian military equipment on Khreshchatyk street in Kyiv. The materiel was turned into an open-air military museum ahead of Ukraine's Independence Day on August 24. AFP
    Destroyed Russian military equipment on Khreshchatyk street in Kyiv. The materiel was turned into an open-air military museum ahead of Ukraine's Independence Day on August 24. AFP
  • Shakhtar Donetsk v Metalist Kharkiv kicks off the Ukrainian Premier League season in August 2022 amid fears of bomb and missile alerts. EPA
    Shakhtar Donetsk v Metalist Kharkiv kicks off the Ukrainian Premier League season in August 2022 amid fears of bomb and missile alerts. EPA
  • Ukrainian servicemen fire an American-made 155mm M777 howitzer in July 2022 in the Kharkiv area. EPA
    Ukrainian servicemen fire an American-made 155mm M777 howitzer in July 2022 in the Kharkiv area. EPA
  • A bomb crater on the Antonovsky bridge across the Dnipro river in Kherson, July 2022. AFP
    A bomb crater on the Antonovsky bridge across the Dnipro river in Kherson, July 2022. AFP
  • Maksym and Andrii with plastic guns at a 'checkpoint' they set up while playing in Kharkiv, July 2022. AP
    Maksym and Andrii with plastic guns at a 'checkpoint' they set up while playing in Kharkiv, July 2022. AP
  • Ukrainian troops on Snake Island in June 2022. Reuters
    Ukrainian troops on Snake Island in June 2022. Reuters
  • A woman evacuated from an area of conflict in June 2022 contemplates what the next move might be. AP
    A woman evacuated from an area of conflict in June 2022 contemplates what the next move might be. AP
  • Romanian President Klaus Iohannis, Italian Prime Minister Mario Draghi, Ukrainian President Volodymyr Zelenskyy, French President Emmanuel Macron and German Chancellor Olaf Scholz in Kyiv in June 2022. Getty Images
    Romanian President Klaus Iohannis, Italian Prime Minister Mario Draghi, Ukrainian President Volodymyr Zelenskyy, French President Emmanuel Macron and German Chancellor Olaf Scholz in Kyiv in June 2022. Getty Images
  • Graves in Irpin cemetery, May 2022. Getty Images
    Graves in Irpin cemetery, May 2022. Getty Images
  • A Ukrainian soldier trapped within the besieged Azovstal Iron and Steel Works complex in Mariupol in May 2022. Reuters
    A Ukrainian soldier trapped within the besieged Azovstal Iron and Steel Works complex in Mariupol in May 2022. Reuters
  • The wreckage of a Russian helicopter in a bomb-cratered field in Biskvitne, May 2022. Getty Images
    The wreckage of a Russian helicopter in a bomb-cratered field in Biskvitne, May 2022. Getty Images
  • A Ukrainian army officer inspects a grain warehouse shelled by Russian forces in May 2022 near Novovorontsovka, Kherson. Getty Images
    A Ukrainian army officer inspects a grain warehouse shelled by Russian forces in May 2022 near Novovorontsovka, Kherson. Getty Images
  • A boy from Mariupol arriving at an evacuation point in Zaporizhzhia in May 2022. Getty Images
    A boy from Mariupol arriving at an evacuation point in Zaporizhzhia in May 2022. Getty Images
  • A Russian serviceman on guard outside Zaporizhzhia nuclear power station in May 2022. AFP
    A Russian serviceman on guard outside Zaporizhzhia nuclear power station in May 2022. AFP
  • Oksana searches for salvageable items on the destroyed second floor of her home in Hostomel, April 2022. Getty Images
    Oksana searches for salvageable items on the destroyed second floor of her home in Hostomel, April 2022. Getty Images
  • A floral memorial wall in Lviv for Ukrainian civilians killed during the Russian invasion, April 2022. Getty Images
    A floral memorial wall in Lviv for Ukrainian civilians killed during the Russian invasion, April 2022. Getty Images
  • People fleeing Lviv, eastern Ukraine, in April 2022, wait for a bus that will take them to Poland. Getty Images
    People fleeing Lviv, eastern Ukraine, in April 2022, wait for a bus that will take them to Poland. Getty Images
  • A Russian soldier patrols a bombed Mariupol theatre in April 2022, as Moscow intensified its campaign to take the strategic port city. AFP
    A Russian soldier patrols a bombed Mariupol theatre in April 2022, as Moscow intensified its campaign to take the strategic port city. AFP
  • A Ukrainian celebrates success in Hostomel in April 2022. Getty Images
    A Ukrainian celebrates success in Hostomel in April 2022. Getty Images
  • Julia Palovskaya reads to children during an air raid drill in the basement shelter at a preschool in Lviv, April 2022. Getty Images
    Julia Palovskaya reads to children during an air raid drill in the basement shelter at a preschool in Lviv, April 2022. Getty Images
  • Volodymyr Zelenskyy in Bucha in April 2022, where hundreds of bodies were found in the street and it was claimed the Russian leadership was responsible for killing civilians. AFP
    Volodymyr Zelenskyy in Bucha in April 2022, where hundreds of bodies were found in the street and it was claimed the Russian leadership was responsible for killing civilians. AFP
  • Oleh Smolin, 23, who suffered leg injuries from Russian shelling in April 2022, in hospital in Chuhuiv. Getty Images
    Oleh Smolin, 23, who suffered leg injuries from Russian shelling in April 2022, in hospital in Chuhuiv. Getty Images
  • Fleeing refugees arrive at the border train station of Zahony, Hungary, in March 2022. Getty Images
    Fleeing refugees arrive at the border train station of Zahony, Hungary, in March 2022. Getty Images
  • A father says goodbye to his daughter on an evacuation train about to leave Odesa in March 2022. AFP
    A father says goodbye to his daughter on an evacuation train about to leave Odesa in March 2022. AFP
  • Ukrainians under a destroyed bridge as they try to cross the Irpin river on the outskirts of Kyiv in March 2022. AP
    Ukrainians under a destroyed bridge as they try to cross the Irpin river on the outskirts of Kyiv in March 2022. AP
  • People cram into Kyiv station to catch trains to Poland or to western parts of Ukraine, shortly after the initial invasion in February 2022. Getty Images
    People cram into Kyiv station to catch trains to Poland or to western parts of Ukraine, shortly after the initial invasion in February 2022. Getty Images
  • A demonstration in support of Ukraine in Trafalgar Square, London, February 2022 . Getty Images
    A demonstration in support of Ukraine in Trafalgar Square, London, February 2022 . Getty Images
  • Russian army vehicles in Armyansk, Crimea, in February 2022. AFP
    Russian army vehicles in Armyansk, Crimea, in February 2022. AFP
  • Volodymyr Zelenskyy in Kyiv on February 25, 2022, in a video on Facebook. He said 'we are all here', shortly after the Russian invasion began. AFP
    Volodymyr Zelenskyy in Kyiv on February 25, 2022, in a video on Facebook. He said 'we are all here', shortly after the Russian invasion began. AFP
  • A residential building damaged by a missile strike in Kyiv in February 2022. Getty Images
    A residential building damaged by a missile strike in Kyiv in February 2022. Getty Images
  • A metro station in Kyiv in February 2022, crowded with people trying to escape the invasion. AFP
    A metro station in Kyiv in February 2022, crowded with people trying to escape the invasion. AFP
  • A police officer addresses people gathered to protest against the invasion of Ukraine, in central Saint Petersburg, Russia, February 2022. AFP
    A police officer addresses people gathered to protest against the invasion of Ukraine, in central Saint Petersburg, Russia, February 2022. AFP
  • A protester in support of Ukraine, in Berlin, Germany, in February 2022. Getty Images
    A protester in support of Ukraine, in Berlin, Germany, in February 2022. Getty Images
  • Ukrainian soldiers prepare to repel an attack in Ukraine's Lugansk region on February 24, 2022. AFP
    Ukrainian soldiers prepare to repel an attack in Ukraine's Lugansk region on February 24, 2022. AFP
  • Volodymyr Zelenskyy in Kyiv on February 24, 2022, after Russia launched a full-scale invasion. AFP
    Volodymyr Zelenskyy in Kyiv on February 24, 2022, after Russia launched a full-scale invasion. AFP
  • A mass exodus from Kyiv after pre-offensive missile strikes by Russian armed forces on February 24, 2022. Getty Images
    A mass exodus from Kyiv after pre-offensive missile strikes by Russian armed forces on February 24, 2022. Getty Images
  • Security personnel inspect the remains of a shell in Kyiv on February 24, 2022, soon after Russian President Vladimir Putin announced a military operation in Ukraine. AFP
    Security personnel inspect the remains of a shell in Kyiv on February 24, 2022, soon after Russian President Vladimir Putin announced a military operation in Ukraine. AFP
  • CCTV footage shows Russian military equipment crossing a Crimea border checkpoint on February 24, 2022. AFP
    CCTV footage shows Russian military equipment crossing a Crimea border checkpoint on February 24, 2022. AFP
  • Russian President Vladimir Putin in the Kremlin early on February 24, 2022, when he announced a 'military operation' in Ukraine. AFP
    Russian President Vladimir Putin in the Kremlin early on February 24, 2022, when he announced a 'military operation' in Ukraine. AFP

But even with sanctions and other restrictions squeezing revenues from energy exports, the economy may grow slightly this year, the International Monetary Fund said.

Mr Deripaska, on whom the US imposed sanctions in 2018, was also placed under European penalties after Russia attacked Ukraine a year ago.

He called for peace in the weeks after the invasion but has taken a more cautious line on the war in recent months.

Mr Deripaska said building “state capitalism is not an option” and warned of “serious” pressure from sanctions.

“Russia should keep developing the market economy,” he said.

“A foreign investor will look at how a Russian investor makes money, what conditions exist.”

Russia and Ukraine conflict latest - in pictures

  • A tank, seen left, fires a round in Soledar, a town in the Donetsk region of eastern Ukraine. Reuters
    A tank, seen left, fires a round in Soledar, a town in the Donetsk region of eastern Ukraine. Reuters
  • Tank fire in Soledar, Donetsk. Reuters
    Tank fire in Soledar, Donetsk. Reuters
  • Firefighters work to put out a blaze at a Kharkiv fireworks storage site after it was struck by a Russian missile. Getty
    Firefighters work to put out a blaze at a Kharkiv fireworks storage site after it was struck by a Russian missile. Getty
  • Col Gen Oleksandr Syrskyi, commander of Ukraine's ground forces, visits his troops on the frontline in Soledar, Donetsk. Reuters
    Col Gen Oleksandr Syrskyi, commander of Ukraine's ground forces, visits his troops on the frontline in Soledar, Donetsk. Reuters
  • A Ukrainian flag attached to a tank flutters in the wind in Bakhmut. Reuters
    A Ukrainian flag attached to a tank flutters in the wind in Bakhmut. Reuters
  • A specialist from an emergency crew works on a residential building in Donetsk that was damaged in recent shelling. Reuters
    A specialist from an emergency crew works on a residential building in Donetsk that was damaged in recent shelling. Reuters
  • A missile fragment left by shelling in Russian-controlled Donetsk. AP
    A missile fragment left by shelling in Russian-controlled Donetsk. AP
  • Residents remove debris and carry their belongings out of a building destroyed by recent shelling in Donetsk, Russian-controlled Ukraine. Reuters
    Residents remove debris and carry their belongings out of a building destroyed by recent shelling in Donetsk, Russian-controlled Ukraine. Reuters
  • Ukrainian forces fire an anti-aircraft weapon as Russia's attack on the frontline city of Bakhmut continues. Reuters
    Ukrainian forces fire an anti-aircraft weapon as Russia's attack on the frontline city of Bakhmut continues. Reuters
  • A car drives past a destroyed building purported to have been used as temporary accommodation for Russian soldiers, dozens of whom were killed in a Ukrainian missile strike in Makiivka, Russian-controlled Ukraine. Reuters
    A car drives past a destroyed building purported to have been used as temporary accommodation for Russian soldiers, dozens of whom were killed in a Ukrainian missile strike in Makiivka, Russian-controlled Ukraine. Reuters
  • The site of a temporary barracks for Russian soldiers in Makiivka, which was destroyed in a Ukrainian missile attack. Reuters
    The site of a temporary barracks for Russian soldiers in Makiivka, which was destroyed in a Ukrainian missile attack. Reuters
  • A Ukrainian serviceman carries his injured comrade from the battlefield to a hospital in the Donetsk region. AP
    A Ukrainian serviceman carries his injured comrade from the battlefield to a hospital in the Donetsk region. AP
  • Smoke rises after shelling in Soledar, the site of heavy battles with Russian forces in the Donetsk region. AP
    Smoke rises after shelling in Soledar, the site of heavy battles with Russian forces in the Donetsk region. AP

Countries with “serious resources” could become partners for Russia, Mr Deripaska said.

The government needs to make sure Russia is attractive for such investors by ensuring a safe business climate with more economic freedoms and competition, he said.

Even with many of the world’s biggest economies against Russia, it still has access to markets, with a population of 4.5 billion and accounting for $30 trillion of global gross domestic product, he said.

“We thought we were a European country,” Mr Deripaska said. “Now, for the next 25 years, we will think more about our Asian past.”

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%3Cul%3E%0A%3Cli%3ECystic%20fibrosis%20is%20a%20genetic%20disorder%20that%20affects%20the%20lungs%2C%20pancreas%20and%20other%20organs.%3C%2Fli%3E%0A%3Cli%3EIt%20causes%20the%20production%20of%20thick%2C%20sticky%20mucus%20that%20can%20clog%20the%20airways%20and%20lead%20to%20severe%20respiratory%20and%20digestive%20problems.%3C%2Fli%3E%0A%3Cli%3EPatients%20with%20the%20condition%20are%20prone%20to%20lung%20infections%20and%20often%20suffer%20from%20chronic%20coughing%2C%20wheezing%20and%20shortness%20of%20breath.%3C%2Fli%3E%0A%3Cli%3ELife%20expectancy%20for%20sufferers%20of%20cystic%20fibrosis%20is%20now%20around%2050%20years.%3C%2Fli%3E%0A%3C%2Ful%3E%0A
F1 The Movie

Starring: Brad Pitt, Damson Idris, Kerry Condon, Javier Bardem

Director: Joseph Kosinski

Rating: 4/5

U19 WORLD CUP, WEST INDIES

UAE group fixtures (all in St Kitts)

  • Saturday 15 January: UAE beat Canada by 49 runs 
  • Thursday 20 January: v England 
  • Saturday 22 January: v Bangladesh 

UAE squad:

Alishan Sharafu (captain), Shival Bawa, Jash Giyanani, Sailles
Jaishankar, Nilansh Keswani, Aayan Khan, Punya Mehra, Ali Naseer, Ronak Panoly,
Dhruv Parashar, Vinayak Raghavan, Soorya Sathish, Aryansh Sharma, Adithya
Shetty, Kai Smith  

The%20US%20Congress%2C%20explained
%3Cp%3E-%20US%20Congress%20is%20divided%20into%20two%20chambers%3A%20the%20House%20of%20Representatives%20and%20Senate%3C%2Fp%3E%0A%3Cp%3E-%20435%20members%20make%20up%20the%20House%2C%20and%20100%20in%20the%20Senate%3C%2Fp%3E%0A%3Cp%3E-%20A%20party%20needs%20control%20of%20218%20seats%20to%20have%20a%20majority%20in%20the%20House%3C%2Fp%3E%0A%3Cp%3E-%20In%20the%20Senate%2C%20a%20party%20needs%20to%20hold%2051%20seats%20for%20control%3C%2Fp%3E%0A%3Cp%3E-%20In%20the%20event%20of%20a%2050-50%20split%2C%20the%20vice%20president's%20party%20retains%20power%20in%20the%20Senate%3C%2Fp%3E%0A
The five pillars of Islam

1. Fasting 

2. Prayer 

3. Hajj 

4. Shahada 

5. Zakat 

FA CUP FINAL

Manchester City 6
(D Silva 26', Sterling 38', 81', 87', De Bruyne 61', Jesus 68')

Watford 0

Man of the match: Bernardo Silva (Manchester City)

BACK%20TO%20ALEXANDRIA
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Company%20profile
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Company%20Profile
%3Cp%3E%3Cstrong%3EName%3A%3C%2Fstrong%3E%20Ovasave%3Cbr%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%20November%202022%3Cbr%3E%3Cstrong%3EFounders%3A%3C%2Fstrong%3E%20Majd%20Abu%20Zant%20and%20Torkia%20Mahloul%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Abu%20Dhabi%3Cbr%3E%3Cstrong%3ESector%3A%3C%2Fstrong%3E%20Healthtech%3Cbr%3E%3Cstrong%3ENumber%20of%20staff%3A%3C%2Fstrong%3E%20Three%20employees%3Cbr%3E%3Cstrong%3EInvestment%20stage%3A%3C%2Fstrong%3E%20Pre-seed%3Cbr%3E%3Cstrong%3EInvestment%3A%3C%2Fstrong%3E%20%24400%2C000%3C%2Fp%3E%0A
The%20specs
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MATCH DETAILS

Liverpool 2

Wijnaldum (14), Oxlade-Chamberlain (52)

Genk 1

Samatta (40)

 

The specs

Engine: 1.5-litre 4-cyl turbo

Power: 194hp at 5,600rpm

Torque: 275Nm from 2,000-4,000rpm

Transmission: 6-speed auto

Price: from Dh155,000

On sale: now

Difference between fractional ownership and timeshare

Although similar in its appearance, the concept of a fractional title deed is unlike that of a timeshare, which usually involves multiple investors buying “time” in a property whereby the owner has the right to occupation for a specified period of time in any year, as opposed to the actual real estate, said John Peacock, Head of Indirect Tax and Conveyancing, BSA Ahmad Bin Hezeem & Associates, a law firm.

Updated: March 02, 2023, 9:28 PM