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Russian billionaires lose $ 32 billion as Ukraine crisis worsens

Russian billionaires lose $ 32 billion as Ukraine crisis worsens

As the escalating conflict in Ukraine accelerates the destruction of wealth, the wealth of Russia’s super-rich has shrunk by nearly $ 32 billion this year.

US President Joe Biden on Tuesday unleashed sanctions targeting Russia’s debt and the country’s elite’s foreign sales, and said it would send additional U.S. troops, not specified, to the Baltic states as a precautionary measure to protect NATO countries.

Gennady Timchenko tops the list of Russian billionaires, with almost a third of his assets missing since January 1, according to the Bloomberg Billionaires Index viewed by Al

Timchenko, 69, receives most of his wealth from Russian gas producer Novotek, which now has $ 16 billion in assets.

Novatek contributor Leonid Michaelson’s wealth has fallen $ 6.2 billion this year, while Lukoil chairman Vagit Alkiperov’s net worth has fallen $ 3.5 billion, while the energy company’s shares have fallen nearly 17%.

The net worth of the 23 Russian billionaires was about $ 343 billion, up from $ 375 billion at the end of last year.

Markets fell further this week after Putin recognized two separate republics in Ukraine, which led Germany to suspend energy programs with Russia and the United Kingdom, imposing sanctions on 5 banks and 3 Russian individuals.

Boris Rottenberg and his son-in-law, Igor, are on the UK’s sanctions list, and his family has amassed their fortunes through the gas pipeline construction company Stroixmontage.

Igor’s father, Arkady, one of Putin’s former judo partners, sold the pipeline in 2019 for about $ 1.3 billion.

Five years ago, when Russia annexed Crimea and both the brothers and Timchenko were subject to US sanctions, he bought minority shares from his younger brother Boris.

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