The Russian giant Rusal, one of the largest aluminum producers worldwide, is going through a critical period, ending the year 2025 with a record net loss. This is the first time since 2014 that the company controlled by oligarch Oleg Deripaska reports a negative result, marking a turning point that shatters the myth of the resilience of the Russian economy in the face of international sanctions.
This financial collapse comes against the backdrop of increasing tension between Deripaska and the Kremlin leadership, the oligarch becoming one of the most critical voices in the Russian business environment regarding the direction in which the country is heading.
According to data analyzed by Bloomberg, Rusal reported losses of 455 million dollars at the end of 2025. This alarming situation is the direct result of the huge costs caused by Russia’s invasion of Ukraine, external sanctions, and the rigid monetary policy in Moscow. Approximately 431 million of the total losses were caused by currency exchange differences, as the ruble suffered major fluctuations, and the domestic demand for currency collapsed. In parallel, expensive loans have become an unbearable burden for the industrial giant. Even though the Central Bank of Russia has made some interest rate cuts, the debt service for bank loans and bonds remains a huge burden for the company’s cash flow.
Harsh criticism of the authorities in Moscow
In this bleak economic context, Oleg Deripaska did not hesitate to publicly express his dissatisfaction with government policies. The oligarch launched a harsh attack on the Russian authorities, urgently demanding a decrease in the key interest rate and a reduction in lending costs, which he claims are “suffocating” both large companies and medium-sized businesses in Russia. Previously, Deripaska openly condemned Vladimir Putin’s military aggression against Ukraine. Using a term strictly banned in Russia to describe the situation in the neighboring country, the oligarch called the conflict a “war” and labeled the entire action as a “colossal mistake”.
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