Russian billionaires are losing amid the Russo-Ukrainian war

Russian billionaires are losing amid the Russo-Ukrainian war.

They lost more than $126 billion in Wealth.

With the escalation of the Russian-Ukrainian crisis, and the escalation of sanctions on the Russian economy, tens of billions of Russian billionaires’ fortunes were wiped out in the month of February alone.

 According to a report published by Forbes, author Iain Martin, Russian billionaires have lost more than $126 billion in wealth since February 16, compared to their first report losing nearly $90 billion.

For the wealthy of Russia to reap the first results of the war, which is the devaluation of the Russian currency

According to the Russian news agency TAAS, President Vladimir Putin met at least 13 Russian billionaires in the Kremlin,

and explained to them that war is a necessity and there is no chance otherwise.

 None of the billionaires have apparently commented, and some may be afraid of Putin for speaking out against the war, but they are not immune to loss, with the country’s stock market plummeting,

as well as the Russian ruble.

Loss in billions:

 Nearly 116 billionaires in Russia have lost more than $126 billion since February 16, according to Forbes calculations.

 During trading Thursday alone, the Russian Moex Index closed, down 33%, collective losses estimated at $71 billion, with the ruble dropping to a record low against the dollar.

As the threat of international sanctions mounts, the billionaires and companies targeted by the United States, the United Kingdom and the European Union will lose out even more in Russia.

On Thursday, February 24, the market recorded a loss of at least 11 Russian billionaires, more than a billion dollars, in one day – Alekperov, Mikhelson, Mordashov, Potanin and Karimov – among the biggest losers of that day.

The former Soviet oil minister, Alekperov, the former founder of Lukoil and Russia’s largest oil producer, lost about 17.1% of his net worth, as Russian oil and gas stocks plunged.

Lukoil shares, listed in London and Moscow, have also fallen more than 30% since the start of the Russia-Ukrainian crisis.

 “Londongrad” sanctions:

Billionaire Gennady Timchenko, who was targeted by British sanctions in February, was also among those whose fortunes took the biggest hits, with an estimated loss of about $4.2 billion.

Timchenko, who owns stakes in several Russian companies, including gas company Novatek and petrochemical producer Sibur, testified to his fortune.

 He is among Putin’s “close circle” in the sanctions imposed by the US Treasury Department after Russia’s annexation of Ukraine’s Crimea peninsula in March 2014.

The British government has also earlier imposed sanctions on three other ultra-rich Russians, including Putin’s former son-in-law (and billionaire) Kirill Shamalov.

  In the wake of Russia’s strikes on Ukraine, it also announced a freeze on Russian bank assets, and a ban on Russian citizens from holding more than $66,000 (£50,000) in a UK bank account.

 Reportedly, Prime Minister Boris Johnson has pushed Western leaders to push Russia out of the SWIFT international payments system, one of the main pipelines for international finance and banking.

Sanctions affect the founder of Chelsea FC:

 British opposition lawmakers have called on Prime Minister Boris Johnson to confiscate the assets of Russian billionaire Roman Abramovich, founder of English football club Chelsea, who accumulated his fortune in the Russian oil industry after the fall of the Soviet Union, and lost an estimated $1 billion.

 British Foreign Secretary Liz Truss told LBC Radio on Wednesday when asked if Abramovich was a target of sanctions.

 “We have more people on our list, and we are ready to impose sanctions on them.” .. “Nobody is off the table.”!

Although Abramovich’s British business visa has expired, he has been able to visit his soccer team, thanks to his Israeli and Portuguese citizenships, but any moves by the British government toward his ownership of the internationally beloved soccer team have put him at risk with a $2 billion loan. He made to Chelsea.

Sports fans and many more will be watching.

Russian billionaires are losing amid the Russo-Ukrainian war

Biggest losers in Russia in February:

• Leonid Mikhelson:

A major shareholder in Novatek Gas Production…

 Loss $4.5 billion – 16.5%

• Vagit Alekperov:

Former Soviet Oil Minister, chairman of the largest independent Russian oil company, Lukoil.

 Loss $4.2 billion – 17.1%

 

• Alexey Mordashov:

A major shareholder in the solids company Severstal, which he ran for 19 years as CEO.

Loss $4.2 billion – 14.4%

• Gennady Timchenko:

Timchenko was subjected to economic sanctions, after Putin deployed his military forces to the two regions of eastern Ukraine.

 Loss $4.2 billion, -18.1%

 

• Vladimir Lisin:

Chairman of NLMK Group, the leading manufacturer of steel materials.

Loss $4.1 billion – 13.5%

• Suleiman Karimov:

 The bigest producer of gold in Russia.

Loss $3.2 billion – 22.7%

• Vladimir Potanin:

Most of his fortune is kept in the mining giant Norilsk Nickel.

  loss   3$ billion – 10.7%

• Oleg Tinkov:

Founder of the Russian Bank.

    loss $2  billion – 52.2%

• Mikhail Shelkov:

The former head of the investment division of state-owned Rostec, now ,he gets most of his fortune from his stake in VSMPO-AVISMA, the world’s largest titanium producer for the aerospace industry.

Loss $1.7 billion – 38.9%

• Leonid Fedun:

Financial expert, Alekperov’s right-hand man in Russia’s Lukoil.

 Loss $1.4 billion – 14.2%

 

• Roman Abromovich:

 Owner of Chelsea Football Club.

 loss 1.2 billion dollars – 8.4%

Russian billionaires are losing amid the Russo-Ukrainian war