Putin said this big thing to the rich
With the announcement of the attack on Ukraine, Thursday was the worst day for the stock market since Black Monday and the country’s stock market fell heavily. Due to this decline, there was a big drop in the wealth of Russian billionaires in a single day. The impact of the war was not only on the stock market, but due to its impact, the Russian currency ruble was also badly affected and it touched its all-time low. While the war continues to pamper Russia’s richest, Russian President Vladimir Putin told the country’s top business leaders during a meeting in the Kremlin on Sunday that what is happening is urgent.
Top 13 rich attended the meeting
At least 13 of the country’s top billionaires were present at the meeting called by President Vladimir Putin. Putin told them that we were left with no chance to do otherwise. According to the report that came out in this regard, during the meeting, Putin talked to the billionaires in his own style and no billionaire dared to comment on his talk. Even if he had to suffer a great loss due to this ongoing war between Russia and Ukraine.
116 billionaires lost their wealth
According to a report, since February 16, the country’s 116 billionaires have lost more than $ 126 billion due to the Russia and Ukraine crisis. If this war drags on, then their wealth will decline even more. The report noted that Russia’s MoX index closed down 33 per cent on Thursday after the start of the invasion of Ukraine and the ruble after falling to a record low against the US dollar. On Thursday alone, billionaires suffered an estimated $71 billion in huge losses. On Thursday, Russia’s five richest Alperov, Mikhelson, Mordashov, Potanin and Kerimov suffered the most.
Effect of sanctions from other countries
Significantly, after Russia’s attack on Ukraine, other countries announced sanctions against Russia. The sentiments of investors were also affected due to restrictions imposed by other big countries including US and UK, which directly affected the market in the form of fall. Following the Russian attack on Ukraine, Britain also announced a freeze on assets of Russian banks and a ban on Russian citizens holding more than £50,000 in UK bank accounts, the report said. The property of Russian billionaire Roman Abramovich, owner of Premier League soccer team Chelsea FC, has also suffered heavy losses due to British sanctions.
The fifth major fall in market history
This huge loss within 24 hours shook the richest people of the country. Along with this, there was a fear in them that if this war goes on for a long time, they may have to bear more losses. Let us tell you that the fall in the Russian stock market on Thursday during the attack was the fifth biggest fall in the history of the stock market. Russia’s benchmark MoX index closed down up to 33 per cent.
most affected after World War II
The Russian currency ruble hit its all-time low as the stock market crashed. Significantly, this fall in the history of the stock market was the biggest since the Black Monday crash of 1987. Investors lost more than $50 billion on Black Monday. It was said in this report that this big fall in the stock market of Russia is one of the worst days in the country’s stock index history. At the same time, the stock market has been badly affected due to the worst period going on in Europe after World War II. Due to the dispute with Ukraine, Russia is facing economic sanctions from many big countries including America. Because of this, the billionaires of Russia are suffering a lot. Its effect is directly visible.
Big blow to these Russian billionaires
According to the report, Lukoil President Vagit Aleperov has suffered the biggest loss in a day, only on Saturday, his net worth fell by almost a third in a day. Which decreased by about $6.2 billion. Shares of the Moscow-based oil producer had fallen as much as 33 per cent on Thursday. After this, Alexey Mordashov, chairman of steelmaker Severstal, lost $4.2 billion on Thursday, leaving his wealth at $23 billion. After this, Vladimir Potanin, the president of Norilsk Nickel and currently Russia’s biggest rich, has lost $3 billion.