Russia could run out of money next year, says oligarch Oleg Deripaska

Oleg Deripaska says Russia needs foreign investors. Photograph: Maxim Shemetov/Reuters

The oligarch Oleg Deripaska has said Russia could run out of money by next year unless the country secures investment from “friendly” countries as western sanctions bite.

Deripaska, an energy and metals tycoon who was once Russia’s richest person, told an investment conference in Siberia on Thursday: “There will be no money already next year. We will need foreign investors.”