February 28, 2024

The World Opinion

Your Global Perspective

Russian billionaires lose $80 billion in wealth

Russian billionaire and businessman Alisher Usmanov arrives to the openings of latest monument to former Russian High Minister Yegeny Primakov at Smolenskaya Sq. inin Central Moscow, Russia, October,29,2019. Flesh presser and diplomat Yegeny Primakov died in 2015.

Mikhail Svetlov | Getty Photographs

Russia’s best billionaires have misplaced greater than $80 billion in wealth in contemporary weeks, with extra to come back as sanctions and seizures begin to chew.

The commercial turmoil surrounding President Vladimir Putin’s invasion of Ukraine has erased a couple of 3rd of the wealth of Russia’s 20 richest billionaires in contemporary weeks, consistent with the Bloomberg Billionaires Index. The have an effect on of sanctions on oligarchs, in conjunction with the cave in of the Russian ruble and economic system and world outrage over Ukraine, have all of a sudden introduced the tip of an generation for a complete magnificence of Russian elites around the globe.

Rosneft CEO and Chairman of the Control Board Igor Sechin is noticed all through a gathering with Russia’s President Putin within the presidential place of dwelling in Novo-Ogaryovo.

Mikhail Klimentyev | TASS | Getty Photographs

Two megayachts have already been seized during the last day — Alisher Usmanov’s 500-foot Dilbar and Igor Sechin’s 280-foot Amore Velo. U.Okay. ministers are calling for the seizure of Russian houses within the U.Okay. and a brand new world job drive has been created to seek down and clutch property of Russian’s below sanction.

The monetary affects would possibly simply be starting, consistent with Russian professionals. Usmanov, who used to be sanctioned by way of the EU on Monday and may well be on an upcoming U.S. listing, consistent with stories, has noticed his wealth best fall by way of $1.7 billion, to $19.5 billion, consistent with Bloomberg. Russia’s richest guy at the listing, Vladimir Potanin, who has no longer been sanctioned, has noticed a lack of lower than 1 / 4 of his wealth, right down to $25 billion.

Gennady Timchenko, a member of the Board of Administrators at Novatek and Sibur Maintaining, attends a consultation following ceremonies to signal agreements between the Govt of the Russian Republic of Tatarstan and Sibur Maintaining, and TAIF and Sibur Maintaining.

Yegor Aleyev | TASS | Getty Photographs

But many others have noticed their fortunes lower in part. The largest loser in greenback phrases is Gennady Timchenko, who controls Volga Crew and noticed his fortune fall from $22 billion to $11 billion. Leonid Mikhelson, CEO of Russian fuel corporate Novatek, misplaced $10.5 billion, leaving him with $22 billion.

Different giant losers come with Alexei Mordashov, a Russian mining tycoon, who used to be sanctioned by way of the EU and noticed his fortune drop by way of $5.6 billion to $22 billion. In step with Forbes, no less than 12 Russians have fallen off the billionaire’s listing in contemporary weeks.

Alexey Mordashov, billionaire and chairman of Severstal PAO, pauses all through a panel consultation on day 3 of the St. Petersburg World Financial Forumin St. Petersburg, Russia, on Friday, June 4, 2021.

Andrey Rudakov | Bloomberg | Getty Photographs

Correction: Russia’s richest guy at the listing, Vladimir Potanin, who has no longer been sanctioned, has noticed a lack of lower than 1 / 4 of his wealth. An previous model misspelled his first identify.