Russia's economic claims: Propaganda vs. reality

Maksym Oreshkin, who recently became the Deputy Chief of the Presidential Administration, believes that Russia is capable of catching up with and surpassing the German economy and is already "breathing down Japan's neck." Propagandistic content is advantageous for Vladimir Putin, who is convinced of his country's right path.

Since the outbreak of the war in Ukraine in 2022, the Russian economy has found itself in international isolation, increasingly lagging behind global leaders, with its current growth fueled by inflated military expenditures.

However, Russia continues to assure its citizens that its prosperity is growing, and Western sanctions benefit it. According to the Kremlin, Russia can even catch up with and surpass the German economy and is already "breathing down Japan's neck."

The author of these ideas and optimistic forecasts is a former economic adviser to President Maksym Oreshkin, who recently became Deputy Chief of the Presidential Administration.

Independent portal Meduza reported how an ideological economist turned into an official who deliberately beautifies reality to please Vladimir Putin.

Oreshkin quickly renounced presidential ambitions. At the beginning of his tenure as minister, he was called Putin's successor, but over time he became an essential link in Russian propaganda.

Oreshkin combined his master's studies at the Higher School of Economics with junior positions at the Central Bank. After graduating in 2004, he worked at the Central Bank for the next two years and moved to the private sector. The young specialist wanted to earn more and advance faster in his career.

After the switch, my salary immediately doubled. Even now I remember: in 2006, I was receiving around $790 CAD a month with bonuses from the Central Bank. I went to Rosbank, where they immediately started paying $1,580 CAD. And six months later, the salary was increased to $3,160 CAD a month - Oreshkin told reporters from TASS in 2019.

In 2012, Oreshkin became the chief economist for the state-controlled VTB Capital for a year. This investment arm of the state bank VTB is a real source of personnel for the Kremlin's financial and economic bloc, from which, among others, two current deputy finance ministers originated.

At the Ministry of Finance, one of Oreshkin's department's key tasks was preparing a budget forecast until 2034. The forecasts were, of course, gloomy, but Oreshkin presented them in a way to please Vladimir Putin.

While working at the Ministry of Energy, Oreshkin promoted several important initiatives. For example, he fought for Russian state-owned companies and state-owned banks, some of which are listed on the stock exchange, to pay higher dividends. As a result, increased dividends from state-owned companies became one of the main growth factors of the Russian stock exchange.

At the beginning of 2020, he received another promotion and became the president's economic adviser.