Russian billionaires lose almost 90,000 million with the invasion of Ukraine

Russia and its war against Ukraine is costing the Russian billionaires. On Thursday, February 24, Russia’s Moex index closed down 33% as the ruble hit a record low against the dollar. On the same day, the fortunes of 116 Russian billionaires fell by nearly $40 billion. From February 16, they have lost almost 90,000 million dollars.

For now, the biggest loser is Vagit Alekperov, former Soviet oil minister and founder of Lukoil, Russia’s largest independent oil producer. Shares of Lukoil, listed in London and Moscow, have fallen more than 33% since preparations for the military offensive got underway. His fortune suffered nearly a third in one day, going from 19,200 million dollars to 13,000 millionaccording Bloomberg.

the billionaire Gennady Timchenko is another of the greatest victims of the conflict against Ukraine. Timchenko owns stakes in numerous Russian companies, including gas producer Novatek and petrochemical producer Sibur. Between the slump in oil and gas stocks and UK sanctions, The assets of the Russian billionaire have been reduced by 1,700 million dollars. Nonetheless, he remains the 11th richest person in Russia, with a fortune of more than $21 billion.

Vladimir Potanin, the richest man in Russia (it is unknown how much President Vladimir Putin’s fortune amounts to) and Chairman of Norilsk Nickel, has lost 3,000 million dollars after the 26% drop in the price of its shares.

Roman Abramovich, owner of Chelsea F.C., made his fortune in the Russian oil industry after the fall of the Soviet Union. It is not the first time that he has found himself in the crossfire between London and Moscow. In a week, Abramovich has lost 1,000 million dollars. As published Forbesthe British Government has its hands tied when it comes to the football club, due to a loan of 2,000 million dollars that it granted.

Another of the Russian billionaires has seen how his wealth was reduced is Alexey Mordashov. About 3,300 million dollars have disappeared from the fortune of the former CEO and majority shareholder of the Severstal steel company, that is, 11.3%.

The heritage of Suleiman Kerimovstemming from his family’s share in Russia’s largest gold producer, Polyus, has been reduced by almost 20%, at 2,600 million dollars. For its part, Vladimir Lisinchairman of the NLMK Group, one of the world’s leading manufacturers of steel products, has seen his fortunes fall in $2.5 billion.