Russian tycoon calls for an end to "State Capitalism" in light of Ukraine War

As the country's economy struggled under the effects of Western sanctions over Moscow's invasion of Ukraine, Russian tycoon Oleg Deripaska said Monday it was time to end "all this state capitalism" and change policies.

Using messaging app Telegram, Deripaska demanded "explanations" from the government regarding the economy's future in the next three months, saying, "There is a need to change the economic policy. We should end all this state capitalism

The 54-year-old argued that if there is a true crisis, then real crisis managers are needed and not fantasists with useless presentations.

The West can no longer sit this out, as they could in 2014 after Moscow annexed Ukraine's Crimea peninsula and introduced sanctions as a result.

Moscow's wealthy elite and its overseas assets are also in the crossfire as Western governments squeeze Russia's economy in response to Moscow's invasion of Ukraine, seen by experts as a way to erode President Vladimir Putin's power.