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Alexey Mordashov, one of Russia’s most influential oligarchs and the main shareholder of the metallurgical giant Severstal, complained that Russia lacks economic partners. He stated that the current circle of countries the Kremlin is relying on is incapable of providing the necessary scale for growth. This was reported by the Russian pro-government publication RBC.
Mordashov emphasized that the key challenge facing the country is the " insufficient economic space ." He noted that Russia’s sustainable development requires expanding cooperation and finding new partners in South America, the Middle East, and Asia to create a truly capacious common market. Thus, one of the country’s richest entrepreneurs has effectively acknowledged the limitations of the Kremlin’s current geo-economic strategy. According to international financial analysts, Mordashov’s net worth is $28.1 billion, making him Russia’s richest billionaire. His statements come amid a sharp decline in the performance of his company. Severstal recorded a significant decline in its financial results last year. Revenue fell by 14%, EBITDA fell by 42%, and net profit decreased almost fivefold. In the fourth quarter, the company posted a net loss of 17.7 billion rubles. Free cash flow turned negative: cash inflows were 30.5 billion rubles lower than expenses. In fact, these figures reflect the systemic problems that Russian industry faces in conditions of external isolation and limited access to sales markets and technologies. In fact, many of the top oligarchs who lost their fortunes are now against Putin. Many of the billionaires are even interested in overthrowing the Kremlin leader and ending the war.
Following the launch of Russia’s full-scale invasion of Ukraine on February 24, 2022, Moscow found itself under sweeping international sanctions. These restrictions affected the financial sector, metallurgy, energy, transportation, and the export of technology and equipment. As a result, Russian companies lost access to key global capital and sales markets, and a significant portion of foreign economic ties were severed. It was the war against Ukraine that led to the closure of Russia’s traditional global markets.
After the full-scale invasion against Ukraine, Russia quickly became the global leader in terms of the number of sanctions imposed against the country. At that time, it appeared that Moscow was on its way to complete economic and political isolation. Firstly, sanctions – especially financial sanctions and exclusion from the international payment systems – should have massively increased the costs of engaging in any economic relations with Russia.
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