Ukraine sanctions lead to $80bn loss for Russia’s richest

Russia’s richest people have lost about a third of their wealth over the past week, due to Western sanctions over the war in Ukraine, according to the latest Bloomberg Billionaires Index.

The impact of US and EU sanctions against Russian oligarchs and the collapse of the ruble has seen their collective fortune shrink by $80 billion since the start of Moscow’s military operation, according to the index.

The report says some saw their wealth halved, with the biggest loser in dollar terms being Gennady Timchenko, of investment and asset management company Volga Group, who saw his fortune fall from $22 billion to $10.3 billion.

Vladimir Potanin, the head of nickel producer Norilsk Nickel, is Russia’s richest man and in the number-58 position on the Bloomberg Billionaires Index, with $24.4 billion. He has not been sanctioned so far, but has nonetheless lost about a quarter of his wealth.

READ MORE: Billionaire predicts ‘most brutal’ financial crisis for Russia over Ukraine

The CEO of Russian energy major Novatek, Leonid Mikhelson, the country’s second-richest person, lost $11 billion, and is now left with $21.6 billion. He is in the number-69 spot on Bloomberg’s index.

Russia’s third-richest person, mining magnate Alexei Mordashov, who has been sanctioned by the EU, saw his fortune drop by over $5 billion to $21.2 billion.

The wealth of Russian magnates started to evaporate after Moscow launched its invasion of Ukraine last week. The country’s richest collectively lost $39 billion in under 24 hours.

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