Russian entrepreneur Deripaska says now is time to sell dollars and buy gold

Russians should start selling dollars and buy euros, yuan and gold instead, businessman Oleg Deripaska believes.

In his recent post on Telegram, Deripaska reacted to the statement from the author of the best-selling book "Rich Dad Poor Dad" Robert Kiyosaki about the future economic crisis in the United States. Kiyosaki, who predicted the collapse of Lehman Brothers in 2008, encouraged investors to buy more gold, silver and bitcoin.

In his post, Deripaska published a link to Kiyosaki's interview with Fox Business.

"If the jovial investor turns out to be at least ten percent right, then it looks like it's time to sell dollars very quickly and buy euros and a lot more yuan and gold,” the Russian entrepreneur wrote.

The situation on the markets started changing against the background of the banking crisis in the United States. Silicon Valley Bank (SVB) went bankrupt on March 10. A few days later, New York's Signature Bank was also closed due to systemic risks. Investor fears around the world regarding the slowdown in economic growth increased sharply, which caused both American and European markets to decline on March 13.

Oleg Deripaska is a Russian billionaire entrepreneur and industrialist. He made his fortune on previously state-owned assets that were privatised as a result of the break-up of the Soviet Union. Oleg Deripaska is also the founder of Basic Element, one of Russia's largest industrial groups. He also founded Russia's largest charitable foundation Volnoe Delo. He was the president of En+ Group, a Russian energy company, and headed United Company Rusal, the second-largest aluminum company in the world, until he quit both roles in 2018.