Moscow: As Russian President Vladimir Putin marks 15 years in office, his former long-term allies are questioning his political course and warning of the economic consequences of his aggressive foreign policy.
Putin's approval ratings peaked last year as the Kremlin annexed Ukraine's Crimean peninsula and have stayed at record high levels as many Russians are basking in what state media present as the glory of the return of this former part of the Russian empire.
Yet in a rare show of dissent several long-time former allies of the president on Tuesday warned about the cost of the foreign policy. They were speaking at a round table to mark Putin's 15 years in power and were moderated by the president's spokesman.
The annexation of Crimea in March last year, which Putin has admitted was his personal decision, and Russia's ensuing role in the bloody conflict in eastern Ukraine caused international outrage and saw Russia slapped with economic sanctions.
Alexei Kudrin, Russia's finance minister in 2000-2011 and a former deputy prime minister, argued that Putin's focus on foreign policy means that Russia won't return to economic growth levels suitable for a great power in coming years.
"We're stuck," he said, adding that growth rates of 1-2 percent, which is the best Russia can hope for in the current environment, "do not reflect Russia's ability to be competitive in the global economy."
What's more, the fallout from the Ukraine crisis, as well as direct financing to Crimea will cost Russia USD 150-USD 200 billion in the next three to four years, according to Kudrin.
That's roughly half of Russia's foreign currency reserves.
Kudrin warned that the nationalist sentiment, unleashed with Crimea's annexation is spooking stability-seeking businesses because it shows that "priority is given to political goals" and the Kremlin is ready to "pay an economic price."
Russia's economy is expected to contract by 3-6 per cent this year in its steepest decline since Putin took office on March 26, 2000. His third presidential term expires in 2018, but Putin hasn't yet confirmed if he's going to run for a fourth term.
Liberal economists like Kudrin are still believed to have the president's ear but have largely lost influence on decision-making.
