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The fortunes of Russian millionaires were already falling ... and US sanctions could "destroy" them even more

The fortunes of Russian millionaires were already falling … and US sanctions could “destroy” them even more

The fortunes of Russian billionaires have fallen by $32 billion so far in 2022, and the escalation of the conflict in Ukraine is about to make the “destruction” of their wealth much greater.

President Joe Biden on Tuesday revealed sanctions against Selling Russian sovereign debt Abroad, saying it would send an unspecified number of additional US troops to the Baltic states in a defensive move to defend NATO countries.

Gennady Timchenko He tops the list of Russian billionaires who have seen their fortunes decline, with nearly a third of their fortunes gone by 2022, according to the Bloomberg Billionaires Index, a list of the world’s 500 richest people.


Timchenko, 69 years old The son of an officer in the Soviet Army Who met and befriended President Vladimir Putin in the early 1990s, his fortune is now around $16 billion, and most of his fortune comes from a stake in Russian gas producer Novatek, according to data from Bloomberg.

fortune shareholder novatek, Leonid Michaelsonlost $6.2 billion this year, while the Lukoil chief’s net worth, Vagit Alekperovfell by about $ 3.5 billion in the same period in which the shares of the energy company fell by about 17 percent.

The net worth of the $23 billion billionaires is currently $343 billion, according to the wealth list, down from $375 billion at the end of 2021.

Markets fell further this week after Putin recognized the independence of two separate republics in Ukraine, prompting Germany to halt an energy project with Russia and the United Kingdom to impose sanctions on five of the country’s banks and three of their wealthy, Including Timchenko.

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Also on the UK sanctions list Boris RothenbergHe is 65 and his nephew Igor, 48, whose families made their fortune through the gas pipeline construction company Stroygazmontazh.