What staggering Russian billionaires have lost so far

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Top Russian billionaires have lost more than $ 80 billion in wealth in recent weeks, and losses will increase as sanctions and confiscations begin to be felt.

Economic turmoil over President Vladimir Putin’s invasion of Ukraine has wiped out about a third of Russia’s richest 20 billionaires in recent weeks, according to the Bloomberg Billionaires Index, SpotMedia reports.

The impact of sanctions on the oligarchs, along with the collapse of the ruble and the Russian economy and global outrage over Ukraine, quickly brought an end to an era for an entire Russian elite around the world.

Two super-yachts have already been confiscated in the last day – Alisher Usmanov’s Dilbal and Igor Sechin’s Amore Velo. British ministers are demanding the confiscation of Russian property in Britain and a new global task force has been set up to hunt down and confiscate the property of the sanctioned Russians.

The financial impact could be just beginning, according to Russian experts. Usmanov, who was sanctioned by the EU on Monday and could be on a future US list, according to reports, has seen his fortune fall by $ 1.7 billion to $ 19.5 billion, according to Bloomberg. Russia’s richest man on the list, Vladimir Potanin, who was not sanctioned, lost less than a quarter of his fortune to $ 25 billion.

Others saw their fortunes halved. The biggest loser in dollars is Gennady Timchenko, who controls the Volga Group and has seen his fortune fall from $ 22 billion to $ 11 billion. Leonid Mikhelson, CEO of the Russian gas company Novatek, lost $ 10.5 billion to $ 22 billion.

Other big losers include Alexei Mordashov, a Russian mining tycoon who was sanctioned by the EU and saw his fortune plummet by $ 5.6 billion to $ 22 billion. According to Forbes, at least 12 Russians have been removed from the list of billionaires in recent weeks.