Oligarch – Oleg Deripaska believes the fall of the rouble goes according to “worker’s demands”

2020-11-09

Famous Russian oligarch Oleg Deripaska said that Russians massively support the devaluation of the ruble. This was reported by the Finanz.ru edition. The billionaire relies on data from an Internet survey.

Oligarch – Oleg Deripaska after a receiving a presidential award.

The statement was made on the oligarch’s own Telegram channel. Referring to the publication in Vedomosti, Deripaska said:

“75% of the Russian population actually supports the policy of a weak ruble.”

Meanwhile, the publication of Vedomosti includes data from a survey conducted by the WebBankir online platform. There is no information on the size of the sample, its representativeness, method of processing the results in the article. The 75% figure mentioned by the billionaire also does not appear. The study says that 56% of Russians do not see the connection between the weakening of the ruble and their financial situation.

Almost a quarter of the respondents (24%) still noticed a “slight deterioration” in their finances due to the fall of the ruble. And 18% state
“noticeable deterioration”. Thus, if the results of the survey are considered reliable, then almost half of the respondents (42%) perceive the negative impact of the devaluation of the ruble on their financial situation.

Associate Professor of the Department of Economic Theory of the Plekhanov University of Economics – Tatyana Skryl, believes that many Russians do not see the connection between the fall of the ruble and their financial situation due to low financial literacy. Likewise, she believes also that because they are used to the continuously deteriorating exchange rate:

“It should be understood that devaluation significantly reduces consumption against the background of a continuing decline in real incomes. The Russian economy at that time [late 2014 – early 2015, when there was a serious collapse of the exchange rate. – Ed.] Had a large share of imports and close ties with the dollar exchange rate, but despite this, it withstood the blow. Now we are seeing a decrease in the ruble exchange rate less than it was five years ago.”

Vedomosti cites data on the deplorable state of import substitution: in the consumer basket of Russians, the share of imported products is about 40%, and in some segments – up to 70%. Back in January, the Ministry of Industry and Trade of the Russian Federation admitted the failure of import substitution of drugs and medical devices. Without imported parts and materials, Russia was unable to finish building its new MC-21 aircraft. And at the beginning of 2018, RANEPA experts stated the dependence of the Russian industry on imports at 92-93%.

The press cites interesting statistics on the depreciation of the Russian ruble against the dollar:

Beginning of 2020 – by 25%;
Over the past 6 years – 2.6 times;
Since 2007 – 3.5 times;
Since 1998 – 13 times;
During the entire history of free conversion – 44 thousand times.