Russia has weathered western sanctions over the invasion of Ukraine, the oligarch Oleg Deripaska has said, admitting “surprise” at the country’s resilience after a war he thought would bankrupt the Kremlin.
Deripaska, one of Russia’s richest men, told the Financial Times that Moscow had survived the effort to isolate its economy by developing new trade ties with the global south and ramping up investment in domestic production.
The private sector, meanwhile, proved more robust than he had expected only months earlier. “I was surprised that private business would be so flexible. I was more or less sure that up to 30 per cent of the economy would collapse, but it was way less,” he said.
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