Russian billionaires pay the value of Putin’s struggle, lose over $126 billion

Billions of {dollars} have been wiped from the fortunes of Russia’s billionaires because the nation’s inventory market and the ruble plunged after President Vladimir Putin launched a full-scale invasion of Ukraine.

What is occurring is a mandatory measure, Russian President Vladimir Putin informed the nation’s high enterprise leaders throughout a gathering on the Kremlin on Sunday.

At least 13 billionaires had been current on the assembly summoned by Putin. “We were simply left with no chance to do otherwise,” Putin informed them. According to reviews, not one of the billionaires commented.

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Over 116 billionaires have misplaced greater than $126 billion since Russia invaded Ukraine on February 16, based on a Forbes report.

Of that, an estimated $71 billion was worn out on Thursday, after Russia’s Moex index closed down 33% and the ruble plunged to a document low in opposition to the greenback, the report talked about.

The report additional talked about that at the least 5 of the billionaires on the Kremlin on Thursday — Alekperov, Mikhelson, Mordashov, Potanin and Kerimov — had been among the many day’s greatest billionaire losers. Altogether, at the least 11 Russian billionaires misplaced $1 billion or extra every on Thursday.

Earlier this week, the British authorities sanctioned many billionaires, together with Putin’s former son-in-law (and former billionaire) Kirill Shamalov. Following Russian strikes on Ukraine, it additionally introduced an asset freeze of Russia’s banks, and a ban on Russian nationals from holding greater than $66,000 (50,000 kilos) in a UK checking account, the report mentioned.

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Prime Minister Boris Johnson has additionally reportedly pushed Western leaders to go additional and eject Russia from the SWIFT worldwide funds system, one of many major pipelines for worldwide finance and banking.

British opposition lawmakers referred to as for Prime Minister Boris Johnson to go additional and seize the belongings of the Russian billionaire Roman Abramovich, the proprietor of Premier League soccer staff Chelsea FC.

When questioned if Abramovich was a goal for sanctions, UK Foreign Secretary Liz Truss informed LBC radio on Wednesday, “We have more individuals on our list, who we are ready to sanction. Nobody is off the table.”

Abramovich had greater than $1 billion wiped from his fortune this week, Forbes reported.

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