Putin Ally Issues Stark Warning: Russian Economy on the Brink of Collapse

Russian billionaire Oleg Deripaska, a close ally of President Vladimir Putin, has warned that Russia's economy is on the brink of a downturn. Deripaska cited the general drop in commodity prices, including those that Russia exports, as a potential negative impact on the country's economy. Russia's economy has already been hit by sanctions and a decrease in military spending, and Deripaska predicts that next year's budget could be short by trillions of rubles. The International Monetary Fund (IMF) forecasts a modest growth rate for the Russian economy this year, but expects it to slow down in 2024. Western sanctions on Russia are seen as effective by economist Anders Aslund, who believes they have contributed to the stagnation of Russia's GDP since 2014.