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Russia’s top billionaires have lost over $80 billion in wealth in recent weeks, with more to come as sanctions and seizures start to bite.
The economic turmoil surrounding President Vladimir Putin’s invasion of Ukraine has erased about a third of the wealth of Russia’s 20 richest billionaires in recent weeks, according to the Bloomberg Billionaires Index. The impact of sanctions on oligarchs, along with the collapse of the Russian ruble and economy and global outrage over Ukraine, have swiftly brought the end of an era for an entire class of Russian elites around the world.
Two megayachts have already been seized over the past day — Alisher Usmanov’s 500-foot “Dilbar” and Igor Sechin’s 280-foot “Amore Velo.” UK ministers are calling for the seizure of Russian properties in the U.K. and a new global task force has been created to hunt down and seize assets of Russian’s under sanction.
The financial impacts may just be beginning, according to Russian experts. Usmanov, who was sanctioned by the EU Monday and could be on an upcoming U.S. list, according to reports, has seen his wealth only fall by $1.7 billion, to $19.5 billion, according to Bloomberg. Russia’s richest man on the list, Vladamir Potanin, who has not been sanctioned, has seen a loss of less than a quarter of his wealth, down to $25 billion.
Yet many others have seen their fortunes cut in half. The biggest loser in dollar terms is Gennady Timchenko, who controls Volga Group and saw his fortune fall from $22 billion to $11 billion. Leonid Mikhelson, the CEO of Russian gas company Novatek, lost $10.5 billion, leaving him with $22 billion.
Other big losers include Alexei Mordashov, the Russian mining magnate, who was sanctioned by the EU and saw his fortune drop by $5.6 billion to$22 billion. According to Forbes, at least 12 Russians have fallen off the billionaire’s list in recent weeks.