Business Desk, AnyTV, New Delhi
Published by: Deepak Chaturvedi
Updated Wed, 23 Feb 2022 05:00 PM IST
Summary
Russias Richest Lose 32 Billion Dollar: Due to the ongoing tension with Ukraine, the billionaires of Russia are facing heavy losses. The wealth of the country’s richest people has declined by $32 billion since the beginning of 2022. According to a report, the 23 top billionaires currently have a net worth of $343 billion, up from $375 billion at the end of the year.
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hear the news
turbulent market environment
According to the report, most of the Russian billionaires who have suffered losses have ownership stakes in commodities firms in Russia. Whereas, due to this controversy, there has been a lot of volatility in the market and the shares of all these companies have come down drastically. Markets were stunned on Monday and Tuesday and investors were dealt a severe blow due to sanctions imposed by countries, including the US, after Putin declared the cities of Donetsk and Luhansk in eastern Ukraine as an independent territory.
effect of western sanctions
It is worth noting that Western countries have imposed sanctions against Russia on Tuesday. These include scrapping the Nord Stream 2 pipeline, stopping trading in government bonds, freezing assets and imposing travel bans on the wealthy. According to the report, the net worth of Gennady Timchenko, one of the Russian billionaires who suffered these losses, has decreased by a third this year. He was banned by Britain on Monday.
Big loss to 23 top billionaires
The report said that according to the wealth list of billionaires, Russia’s 23 top billionaires currently have a net worth of $343 billion, up from $375 billion at the end of the year. Also on the sanctions list released by Britain are 65-year-old Boris Rotenberg and his 48-year-old nephew Igor, whose families have built wealth by investing in the gas-pipeline construction firm StoryGazmontaz. Let us inform here that Igor’s father is one of the former judo sparring partners of Russian President Putin.
Expansion
turbulent market environment
According to the report, most of the Russian billionaires who have suffered losses have ownership stakes in commodities firms in Russia. Whereas, due to this controversy, there has been a lot of volatility in the market and the shares of all these companies have come down drastically. Markets were stunned on Monday and Tuesday and investors were dealt a severe blow due to sanctions imposed by countries, including the US, after Putin declared the cities of Donetsk and Luhansk in eastern Ukraine as an independent territory.
effect of western sanctions
It is worth noting that Western countries have imposed sanctions against Russia on Tuesday. These include scrapping the Nord Stream 2 pipeline, stopping trading in government bonds, freezing assets and imposing travel bans on the wealthy. According to the report, the net worth of Gennady Timchenko, one of the Russian billionaires who suffered these losses, has decreased by a third this year. He was banned by Britain on Monday.
Big loss to 23 top billionaires
The report said that according to the wealth list of billionaires, Russia’s 23 top billionaires currently have a net worth of $343 billion, up from $375 billion at the end of the year. Also on the sanctions list released by Britain are 65-year-old Boris Rotenberg and his 48-year-old nephew Igor, whose families have built wealth by investing in the gas-pipeline construction firm StoryGazmontaz. Let us inform here that Igor’s father is one of the former judo sparring partners of Russian President Putin.