Alexey Mordashov, 57, was the richest man in Russia before the Ukraine war broke out. The billionaire complained Wednesday of massive losses from western sanctions, according to the Interfax news agency. “We at Severstal lost just over $400 million – they were stranded in Europe, their property and cash reserves were confiscated,” the 57-year-old said. He adds that it is very difficult to return export earnings to the country at the moment.
Severstal is chairman of the steel company Severstal. Before the Ukraine war, Mordashov was at the top of the “Forbes” list of Russian billionaires, according to the AWP agency. Mordashov was one of the first to enter western sanctions lists, due to his stake in a bank and a media conglomerate, both considered close to the Kremlin.
Billionaire forced to give up luxury yacht
His fortune is said to have dropped from $29.1 billion last year to $13.2 billion. Mordashov describes the sanctions against him as unjust and sees himself away from politics.
The billionaire was known as a steel magnate and the largest single shareholder of the Tui tourism group. Due to the sanctions, he gave 29.9 percent of the shares to his wife Marina. A luxury yacht belonging to his property was also confiscated.
According to the AWP report, European Commission President Ursula von der Leyen on Wednesday demanded that Russia and Russian oligarchs pay Ukraine compensation for the consequences of the war and for the rebuilding of the devastated neighboring country. (euro)
Ulrich Rotzinger
Source :Blick
I’m Tim David and I work as an author for 24 Instant News, covering the Market section. With a Bachelor’s Degree in Journalism, my mission is to provide accurate, timely and insightful news coverage that helps our readers stay informed about the latest trends in the market. My writing style is focused on making complex economic topics easy to understand for everyone.
