Ex-adviser to Putin says $1 trillion was drained from Russia

Ex-adviser to Putin says $1 trillion was drained from Russia
Sergey Glazyev Photo: The Kremlin website

Sergey Glazyev left the presidential administration stating that his view on economic development did not line up with everyone else’s.

Over the past 30 years, the money drain from Russia amounted to about $1 trillion, while the figure is $2 trillion for all the post-Soviet countries, said Sergey Glazyev. The former adviser to the president of the Russian Federation, who is now the minister of integration and macroeconomics of the Eurasian Economic Commission (EEC), spoke at the Russia-Africa forum.

Glazyev explained that it was the macroeconomic policy recommended by the International Monetary Fund that led to the gigantic cash drain from the country.

“This is what the IMF's recommendations in pursuing macroeconomic policies led to. $1 trillion is how much money has been drained from Russia over 30 years, and $2 trillion has been drained from all the post-Soviet countries during said period,” TASS quoted Glazyev as saying. According to him, Africa suffered losses, too, since it also followed the IMF recommendations.

To improve the economic situation, he said, countries should rely on their own key areas - subsoil and infrastructure. “Secondly, having strategic development plans. And thirdly, being able to finance our own development,” said the EEC minister.

Sergey Glazyev left the presidential administration stating that his view on economic development did not line up with everyone else’s and was never implemented. He sharply opposed the monetary policy of the Central Bank, stating in 2016 that the Russian macroeconomic system is like a patient with myocardial infarction. He also actively opposed the floating ruble and proposed freezing the dollar rate at a specific level relative to the ruble.

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