There are 23 Russians on Bloomberg’s list of the 500 richest people. The fortunes of these Russian billionaires have shrunk by 63 billion francs since their homeland invaded Ukraine exactly one year ago. And so it is about four times stronger than the fortunes of other billionaires outside of Russia.
Biggest loser: Alexei Mordashow (57), Russia’s largest steel magnate and controversial major shareholder of German tour operator Tui. Its assets depreciated by 6.3 billion francs in one year. The oligarch therefore does not have to starve, despite his shrinking fortune, he is the fourth richest Russian.
Famous Losers
Wladimir Lisin (66) is another steelmaker that tops the list of losers. As President of the International Shooting Federation ISSF, his fortune declined by five and a half billion francs, and in December the Russian was replaced by an Italian. An electoral defeat that the third richest Russian could certainly deal with.
Other prominent names on the list of losers can also be found: Roman Abramovich (56, minus 5.3 billion), Andrei Melnichenko (50, minus 4.3 billion), Gennady Timchenko (70, minus 4 billion) or Sulzer main shareholder Viktor Vekselberg (65 , minus 4 billion).
Sanctions only apply in the short term
Spicy: As Bloomberg’s analysis shows, the Russian oligarchs lost even more money in the first few weeks of the war, and then the sanctions appear to have been much less effective. Even during the war wealth increased again. This is despite the fact that, for example, Abramovich had to leave his properties in London, including the Chelsea football club. Vekselberg’s lack of access to his 90m superyacht since April hasn’t really diminished his wealth situation.
And anyone who can claim to produce products indispensable to the global economy has lost little or even earned extra money in the war. This applies, for example, to nickel magnate Vladimir Potanin (62). The wealth of the richest Russian decreased by only 750 million francs. Fertilizer producer Andrey Guryev has increased his fortune by almost two billion.
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.
