Fortunes of Russia’s super-rich plummet by $32 billion as Ukraine tensions simmer
Russia’s wealthiest lost $32 billion in 2022 and losses are expected to rise as the crisis in neighboring Ukraine continues to deepen, with the United States and its Western allies considering new rounds of anti-terrorism sanctions. Russians.
According to the Bloomberg Billionaires Index, a list of the 500 richest people in the world, Gennady Timchenko, who has stakes in energy companies as well as other businesses, topped the list of wealthy Russians who saw their fortunes decline. The billionaire, who derives most of his wealth from a stake in major Russian gas producer Novatek, is said to have lost $6.47 billion since the start of the year. His fortune currently stands at approximately $16 billion.
Another Novatek shareholder, Leonid Mikhelson, saw his net worth shrink from $6.2 billion in 2022 to $26.2 billion, while Lukoil chairman Vagit Alekperov’s fortune fell by around 3 $.5 billion over the same period to $19.3 billion, as shares of the energy company fell nearly 17%.
The net worth of the country’s 23 billionaires currently stands at $343 billion, according to the wealth list, up from $375 billion at the end of the year.
Russian stock markets crashed this week after President Vladimir Putin recognized the independent status of the breakaway republics of Donetsk and Lugansk in eastern Ukraine.
The United States announced the first round of new anti-Russian sanctions, targeting “Russian Elite and Family Members”, and are supposed “cut off the Russian government from Western funding” by placing restrictions on investment in its sovereign debt.
At the same time, Germany suspended certification of the Nord Stream 2 gas pipeline, suspending the energy project with Russia indefinitely, while the United Kingdom imposed sanctions on five of the country’s banks and three of its people. wealthier, including Timchenko.
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