Tycoon Deripaska Asserts Western Firms Shouldn’t Face Pressure to Sell Russian Assets
Russian billionaire Oleg Deripaska has voiced his opposition to the coercion of Western investors to divest their Russian assets in the wake of Russia’s invasion of Ukraine in 2022. He condemns this practice as unethical, shortsighted, and detrimental to both the Russian and global economies. Deripaska’s statements highlight the importance of allowing Western investors to maintain ownership of their businesses in Russia during these challenging times.
In the current wartime economy of Russia, some entrepreneurs have profited by acquiring valuable assets from Western companies at significantly reduced prices. Deripaska himself has faced sanctions from both the United Kingdom and the United States, with the latter accusing him of benefiting from Russian state activities labeled as malign.
Deripaska’s background includes studying physics at Moscow University before venturing into the trading of metals during the Soviet Union’s dissolution. He amassed his wealth through investments in aluminum factories and subsequently established Basic Element, an industrial conglomerate with interests spanning mining, energy, property, and agriculture.
Despite encountering challenges such as sanctions and legal disputes, Deripaska has consistently advocated for peace in Ukraine, viewing the conflict as a tragedy for both Russian and Ukrainian people. He has contested the sanctions imposed on him, asserting they are founded on false information and disregard fundamental principles of law and justice.
Deripaska’s stance underscores the complexities arising from economic pressures and geopolitical tensions between Russia and the West, particularly following the Ukrainian conflict. He argues that pressuring Western investors to relinquish their Russian assets not only undermines economic stability but also exacerbates global tensions.
Since Russia’s invasion of Ukraine, numerous Western companies have withdrawn from Russia, leading to some of their assets falling under state management, often controlled by allies of President Vladimir Putin. Remaining Western investors in Russia have reported facing pressure to sell their assets, with offers at bargain prices and threats of effective expropriation.
Deripaska warns against this practice, asserting that it harms both the Russian and global economies. He stresses the importance of allowing Western investors to retain ownership of their enterprises in Russia to navigate these challenging times.
In conclusion, Oleg Deripaska’s remarks shed light on the ethical and economic implications of pressuring Western investors to divest their Russian assets. His advocacy for maintaining foreign ownership in Russia reflects the complexities of navigating geopolitical tensions and economic interests in the aftermath of the Ukrainian conflict.
