April 17 (Reuters) - Russian aluminium tycoon Oleg
Deripaska on Monday bemoaned a "primitive" Russian finance
system dominated by state banks, saying it was sliding into the
past while other countries took advantage of a realignment in
global finance.
The billionaire founder of aluminium giant Rusal is one of
the few Russian business leaders to have criticised the
management of the economy at a time when the full-scale invasion
of Ukraine has sent Western investors fleeing and triggered a
host of international economic sanctions on Russia.
Those sanctions have pushed Russia to do more business with
China in particular, and even hold reserves in yuan rather than
dollars, helping to erode the primacy of the U.S. currency.
Deripaska said many countries were working to take advantage
of a developing a multi-currency financial order for their own
benefit.
"Everyone - apart from us," he wrote on his Telegram
channel.
"With our financial system of bondage and usury based on
state banks, with our most primitive understanding of the role
of debt, credit, capital in the economy, we are sliding further
and further into the past."
While political criticism of the Kremlin is strictly
off-limits in Russia, some business leaders have been allowed to
address the shortcomings of the economy as Moscow tries to
maintain broad standards of living despite the human and
financial cost of the invasion.
Last month, Deripaska - himself under sanctions from the
United States, Britain and the European Union - urged the
government to stop interfering in business. And in June, he
suggested that the invasion of Ukraine would reverse decades of
Russian economic progress.
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Russian tycoon Deripaska criticises Moscow, frets about investor
flight Tycoon Deripaska casts doubt on Russia quest for "victory" in
Ukraine ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^>
(Writing by Kevin Liffey; Editing by Christina Fincher)
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