Russian oligarch says rapid economic recovery impossible

Russian billionaire Oleg Deripaska said that an overly strong ruble, combined with the deliberate devaluation of the US dollar, makes any hope of a quick recovery for Russia’s economy unrealistic.

Writing on his Telegram channel, Deripaska described maintaining the ruble at its current levels as a pointless strategy, Caliber.Az reports.

In previous years, he repeatedly criticised the Russian Central Bank for its high key interest rate, which the regulator cites as a measure to combat inflation, while acknowledging its effect on the currency’s strength.

Russia’s strong ruble in 2025 is largely a result of tight monetary policy and limited demand for foreign currency, but economists warn that this overvaluation reduces export competitiveness and could dampen growth by making Russian goods more expensive abroad. 

The high interest rate set by the Bank of Russia has helped contain inflation and support the currency, but it also suppresses domestic investment and credit availability, slowing overall economic activity. 

Russian officials and analysts note that a stronger ruble poses challenges for major export sectors, as revenues in ruble terms shrink when priced in a stronger domestic currency, undermining state budget receipts tied to energy and commodities. 

Despite sanctions and Western pressure, the ruble has become dominant in export transactions, reflecting both policy-driven de-dollarisation and reduced trade with Western markets, but this has also restricted currency market liquidity and economic flexibility. 

By Jeyhun Aghazada