(Finance) – The list of tycoons is long Russians who, in recent months, have seen their assets collapse. THE 23 Russian billionaires who ranked among the 500 people richest women in the world had a combined net worth of $339 billion on February 23, 2022the day before the forces of Vladimir Putin iinvaded the Ukraine. A year later, with the conflict far from resolved, Russia’s rich and powerful have lost 67 billion dollars from their collective fortunes, a 20% drop, as noted by the Bloomberg Billionaires Index.
The invasion in Ukraine has cost very dearly to Alexey Mordashov, the majority shareholder of the Severstal steel company and the Tui group, one of the largest travel and tourism companies in the world. He saw $6.7 billion wiped out of his net worth by Russia’s invasion. With an estimated $19.8 billion, it’s still there fourth richest person in the country.
Immediately behind another steel magnate, Vladimir Lisin. The chairman of Novolipetsk Steel PJSC lost $5.8 billion over the past year, bringing his fortune to $20.5 billion.
In the last monthsRoman Abramovich has put his prized London possessions up for sale, including the Chelsea Football Club. Mikhail Fridman he said he was “in shock” after his lawyer told him the sanctions meant bans on travel and frozen accounts. In contrast, Andrey Guryev has earned $2.1 billion since the start of the war thanks to the soaring share price of PhosAgro PJSC, one of the largest producers of phosphate fertilizers in Europe, of which he is the founder.
More broadly, a recent analysis of Russia’s ultra-wealthy suggests that the many rounds of sanctions by the US, the UK and the European Union have had a limited long-term effect.