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Oleg Deripaska, a Russian oligarch, criticizes the Russian financial system. Post on Telegram

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Russian aluminum tycoon Oleg Deripaska lamented Monday the “primitive” Russian financial system dominated by state-owned banks, saying it was becoming a thing of the past while other countries benefited from a reorganization of world finance.

The founder of Rusal is one of the few Russian business leaders to criticize the management of the economy at a time when a full-scale invasion of Ukraine caused the flight of Western investors and triggered a series of international economic sanctions on Russia.

The agency recalls that these sanctions have prompted Russia to do more business with China, and even to hold reserves in yuan instead of dollarswhich contributed to the weakening of the primacy of the American currency.

Deripaska himself is under sanctions

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Deripaska said many countries were working to exploit the development of a multi-currency financial order for their own benefit. “Everyone – except us,” he wrote on his Telegram channel.

The US lifted sanctions against three Deripaska companiesShutterstock

“With our a financial system of bondage and usury based on state-owned banks, with our most primitive understanding of the role of debt, credit, capital in the economy, we are moving further and further back into the past,” he wrote.

The news agency notes that while political criticism of the Kremlin is completely banned in Russia, some business leaders were allowed to address the shortcomings of the economyas Moscow tries to maintain a high standard of living despite the human and financial costs of the invasion.

Last month, Deripaska – himself under sanctions by the US, UK and European Union – called on the government to stop interfering with business. And in June he suggested that the invasion of Ukraine will reverse decades of Russian economic progress.

Main photo source: Shutterstock

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