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Tags: russia | oligarchs | ukraine | billionaires

Russian Billionaires Have Lost Over $80B in Wealth Since Start of Russia-Ukraine War

Russian Billionaires Have Lost Over $80B in Wealth Since Start of Russia-Ukraine War
A picture taken late on Dec. 4, 2017 shows Russian President Vladimir Putin meeting with metals magnate Vladimir Potanin near Moscow. (Mikhail Klimentyev/AFP via Getty Images)

By    |   Thursday, 03 March 2022 05:42 PM EST

Russia's billionaires are feeling the squeeze as the West continues sanctions against them amid the Kremlin's invasion of Ukraine, reports CNBC.

About 20 Russian elites have lost more than $80 billion in wealth combined in recent weeks due to sanctions from the European Union and the U.S. along with the collapse of the Russian ruble and economy.

The report cited Bloomberg Billionaires Index, a daily ranking of the world's richest people.

Russia's richest man on the list, Vladimir Potanin, president of Norilsk Nickel, the world's largest producer of high-grade nickel, has lost $5.64 billion since the start of the year.

Alisher Usmanov, who owns 49% of USM Holdings, a Russia-based investment group that controls Mettaloinvest, Russia's largest iron ore producer, is down $1.74 billion, or 8.2%.

Usmanov was sanctioned by the EU on Monday; Potanin has not been sanctioned.

Gennady Timchenko, a member of the board of directors at Novatek and Sibur Holdings, has seen the biggest loss.

Novatek is responsible for about 10% of Russia's natural gas production. Timchenko has lost $11 billion, or 49% of his wealth. He was also sanctioned by the U.S. in 2014 after Russia annexed Crimea.

Leonid Mikhelson, CEO of Russian gas company Novatek, the largest non-state-owned natural gas provider in the country, lost $10.5 billion, leaving him with $22 billion.

Alexei Mordashov, the largest shareholder of Severstal, one of Russia's biggest steelmakers, has lost $6.8 billion. He was blacklisted by the EU on Monday.

More sanctions are coming.

The Justice Department on Wednesday announced the formation of a new task force that would target the oligarchs.

"We are joining with our European allies to find and seize your yachts, your luxury apartments, your private jets. We are coming for your ill-begotten gains," President Joe Biden said during his State of the Union speech Tuesday.

Britain said it was exploring ways to seize properties from oligarchs and would publish a list of people and groups tied to Russian President Vladimir Putin. Japan on Thursday said it would freeze assets tied to oligarchs and France said it has seized a yacht belonging to Igor Sechin, the head of Russian state oil giant Rosneft.

Solange Reyner

Solange Reyner is a writer and editor for Newsmax. She has more than 15 years in the journalism industry reporting and covering news, sports and politics.

© 2024 Newsmax. All rights reserved.


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Russia's billionaires are feeling the squeeze as the West continues sanctions against them amid the Kremlin's invasion of Ukraine, reports CNBC.
russia, oligarchs, ukraine, billionaires
361
2022-42-03
Thursday, 03 March 2022 05:42 PM
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