War in Ukraine: Russia’s richest lost $67 billion

The 23 Russian billionaires who were among the 500 richest people in the world have a combined net worth of $339 billion on February 23, 2022one day before Vladimir Putin’s forces invaded Ukraine.

A year later, with the conflict still raging, Russia’s rich and powerful have lostcollectively, $67 billion.

The biggest loser is Alexey mordashov, the main shareholder of Severstal PJSC, one of Russia’s largest steel companies. $6.7 billion of his net worth has disappeared since the Russian-led invasion. With an estimate of $19.8 billionhe is still the fourth richest person in the country.

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The second biggest loss is from another steel magnateVladimir Lysin. The Chairman of Novolipetsk Steel PJSC has lost US$5.8 billion in the last year, which has reduced his fortune to US$20.5 billion.

For his part, Andrey Guryev has earned $2.1 billion since the war began thanks to an increase in the share price of PhosAgro PJSC, one of the largest producers of phosphate fertilizers in Europe. He is the founder of the company and his family is the main shareholder of it.

However, an analysis of Russia’s ultra-rich suggests that scattered rounds of sanctions by the United States, the United Kingdom and the European Union have had limited long-term effect. In fact, the collective net worth of billionairess bottomed out just a few weeks after the invasion, with a loss of $92 billion to $248 billion on March 9, 2022. Of course, the sanctions have affected other aspects.

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Roman Abramovich he was forced to put his prized London possessions up for sale, including Chelsea Football Club. mikhail fridman He said he was “shocked” after his lawyer told him the sanctions meant travel bans and account freezes. TO Viktor VekselbergSpain seized his $90 million Tango superyacht at the behest of the US in April.

More recently, US authorities have tracked down artwork bought or sold by ultra-rich Russian tycoons. Abramovich, Vekselberg and Andrey Melnichenko were among the names on subpoenas by New York federal prosecutors demanding that top auction houses turn over years of records, Bloomberg News reported earlier this month.