Billionaire Deripaska calls Putin’s war in Ukraine ‘madness,’ urges immediate stop

Russian billionaire Oleg Deripaska, founder of aluminum giant Rusal and its parent company En+, has denounced President Vladimir Putin’s war in Ukraine as “madness” and called for an immediate ceasefire.

In an interview with Nikkei Asia, Deripaska said Russia’s military spending is harming the economy and trade with China, which has played a “pivotal role” since the start of the war, has been a “lifeline for (Russian) trade” after sanctions and severed economic ties with Western countries.

Deripaska, who was once close to Putin but has publicly criticized the war, emphasized the importance of separating business from politics.

“They (the Kremlin) don’t touch me, and we don’t get involved in politics,” he said.

Deripaska has previously faced criticism from the Kremlin for his outspoken views on the war. In 2022, he was reported to have been asked by the Kremlin to stop criticizing the war after he called it “madness” a month after the invasion.

Despite his criticism, Deripaska stressed that he remains a businessman and has not severed his relationship with Putin.

“Nothing has changed,” he said when asked about his current relationship with the Russian president.

Additional context:

• Deripaska was sanctioned by the US in 2018 and the UK in 2022.
• Russians spent $1 billion on a yacht port and hotel complex in Sochi.
• Russian military spending exceeded $10.7 trillion in the 2024 budget, accounting for about 6% of GDP.
• Deripaska has called for a ceasefire and a “constructive conversation” about the situation in Ukraine.

Deripaska’s comments reflect the complex and evolving relationship between the Russian business elite and the Kremlin amid the ongoing war in Ukraine.