Roscosmos chief wants to print money to offset sanctions

  • Dmitry Rogozin said Russia could print more money to offset the impact of Western sanctions.
  • The Russian space chief said inflation could be avoided by replacing frozen funds and investing in technology.
  • In March, Russian President Vladimir Putin said the country did not need to print money.

Roscosmos chief Dmitry Rogozin said the country should consider printing more money to avoid the full impact of Western sanctions.

“We can actually free up our own investment funds,” Rogozin said in an interview Russia 24 TV channels, according to an insider translation. “The equal amount of what’s locked down now and what’s not working for our economy right now, we can rebuild. I believe it’s possible and we — and those in charge of our finances — should seriously consider. We can print Come out. We can make it available to our industry for the strongest investment projects,” he added.

Earlier this year, Western countries impose sanctions In response to Russia’s attack on Ukraine, strikes were carried out against the Central Bank of Russia, as well as more than a dozen other financial institutions in the country. In April, Insider reports Russian officials estimate that about half of its $642 billion reserves are frozen due to sanctions.

Rogozin said in the interview that sanctions have hampered key developments in Russia’s space program, including Roscosmos’s nuclear-powered “space tugboats”,Zeus. He proposed that the space program could receive “at least one trillion rubles” of money printing, or about $15.9 billion, according to an insider’s translation.

Since the money printed is only to replace frozen assets, Russia can basically print money without worrying about uncontrolled inflation, he said. However, he said, according to Insider’s translation, the funds should go to “specific technologies and specific industrial plants” and not just to the people.

Russia’s space chief has become Increasingly outspoken since the war began, not authorized to print rubles. In March, Russian President Vladimir Putin said the country did not need to print money.

“Our economy and businesses have all the necessary resources to achieve all the goals set, and the challenge can only mobilize us,” he said. Reuters reports.

Russia’s Central Bank Governor Elvira Nabiullina said it could take years for the country to reduce inflation from soaring levels achieve its 4% target.she Say In April, sanctions could cause long-term changes in the Russian economy.

Rogozin has warn In the past, Western sanctions could be bad for Russia’s space agency. The space chief even threatened to end cooperation with NASA sanctions on the International Space Station.

Rogozin in April Tell Russia 24 TV channels Computer chips supplied to agency hit by sanctions after U.S. President Joe Biden Say The United States will cut off technology supplies to Russia. last month, Washington Post reports The sanctions have cut off exports of key products such as semiconductors, forcing Russia to repair its military equipment with used electrical parts.

Roscosmos has Scheduled Zeus will be launched to Jupiter in 2030, although Rogozin told Russia’s 24 TV channel that the agency currently has no funds to fund the project. Russia eventually hopes to build its own nuclear-powered space station using similar technology.

Rogozin in Sanctions List Available in the US and several European countries. In 2014, he also sanctioned Former U.S. President Barack Obama has frozen his U.S. assets and barred him from entering the country because of his involvement in the Crimea crisis.