Russia-Ukraine war has dealt a severe blow to Russian billionaires. Russians, among the world’s 500 richest people, have lost $83 billion since Russian President Vladimir Putin ordered the military to invade Ukraine, according to the Bloomberg Billionaires Index.
Decline in the shares of Russian companies: The biggest impact of the Russia-Ukraine war has been on Russian companies. Shares of Russian companies have seen a big fall after sanctions from the US, UK and European Union. Shares of Russia’s largest gas producer Novatek and largest steel company Severstal fell up to 50 per cent.
The European Union imposed a ban on these people: After the Ukraine war, Western countries continue to impose sanctions on Russia’s richest people. These include Russian metal tycoon Alisher Usmanov, Alfa Group owners Mikhail Fridman and Petr Aven and steel magnate Alexei Mordashov. The ban on these people is believed to have an effect on the properties of Putin’s long-time spokesman Dmitry Peskov and some senior military officers of the Russian army.
Huge decline in assets due to Ukraine Russia war: A total of 22 Russian billionaires are included in the Bloomberg Billionaires Index. Of these, the biggest loss has been caused by Vagit Alekperov, chairman of Lukoil PJSC. His wealth has declined by $13 billion. Gennady Timchenko, who was the first to be banned in the United Kingdom. They have lost $10.6 billion. Whereas the shareholder of Novtech company Leonid Mikhelson has seen a decrease of $ 10.2 billion in assets. Abramovich has declined by $ 5 billion.
Demand to exclude Russia from Swift: Different countries in the world are demanding the exclusion of Russia from the Society for Worldwide Interbank Telecommunication (SWIFT). If Russia pulls out of SWIFT, the Russian economy could suffer a major setback. Earlier, Iran was expelled from SWIFT for non-compliance with the nuclear treaty. Due to which Iran’s foreign trade was reduced by 30 percent.