Here's Why Russia Could Run Out Of Money By 2024, According To An Oligarch

Russia could find itself without money by 2024 unless it welcomes foreign investments from "friendly countries," a Russian oligarch has suggested.

Speaking at an economic conference in Siberia last Thursday, Russian billionaire Oleg Deripaska noted that Russia's economic situation is currently "very difficult and unpredictable" and would likely remain as such until at least mid-2025.

"There will be no money next year, we will need foreign investors. Friendly markets are a serious resource, they are 4.5 billion people. The rule of law and predictability is very important. If we change the rules of the game every quarter, depending on some problems, then no one will believe us: neither Russian nor foreign entrepreneurs," he was quoted as saying by the Telegram channel Sibir Media, as per translations via Google Translate.

"If we do not reorganize, there will be no foreign investors. If there are no foreign investors, there will be no money in the country. There are already serious problems with money in the country, so they started shaking the business like a stick," Deripaska added.

The Russian oligarch also called on the Kremlin to reduce the number of officials and representatives of its law enforcement agencies, adding that the current number is placing a serious burden on Moscow, which is currently the target of a number of sanctions from Europe and the West following its invasion of Ukraine, the Baza channel reported.

"Somehow they need to be reduced. Light stress - it always helps. Reduction of officials by two or three times, law enforcement officers - a couple of times," Deripaska said.

In response, Krasnoyarsk governor Alexander Uss, who was sitting next to the Russian oligarch, said they are preparing to "cut down" on the region's forces.

The remarks from Deripaska, who called for an end to the war in Ukraine in its early days, are in stark contrast to the assessment given by Russian President Vladimir Putin last week who praised the country for showing resilience amid sanctions.

"The Russian economy and system of government have turned out to be much stronger than the West believed," Putin said in a speech to Russia's parliament, CNN reported.

The Russian government, however, reported a budget deficit of about $23.5 billion for January. Revenue also plunged 35%. In addition, Russia this month will begin cutting oil production by 5%.