Russian billionaires’ losses, now totaling $84 billion this year, have more than doubled since Russia invaded Ukraine less than a week ago

Vagit Alekperov, president of Russian oil company Lukoil has lost 60% of his net worth so far.

Sefa Karacan/Anadolu Agency/Getty Images

• Russia’s 21 richest individuals have lost $84 billion so far this year, per the Bloomberg Billionaires Index.
• Share prices of Russian companies listed globally have fallen even as the Moscow Exchange remains closed.
• The biggest loser among Russia’s billionaires is Lukoil chairman Vagit Alekperov, who has lost $14 billion this year — 60% of his net worth.

The fortunes of Russia’s richest individuals are getting hammered amid a massive market selloff as Western countries impose sanctions on Russia after its invasion of Ukraine.

Russia’s 21 wealthiest individuals have collectively lost $84 billion this year, according to the Bloomberg Billionaires Index. Their financial losses have more than doubled since the beginning of Russia’s invasion of Ukraine: This same group of billionaires lost a collective $39 billion in just one day after the invasion, which sent the country’s stock market diving 50% last week.

The market turmoil prompted the country’s central bank to halt stock trading on the Moscow Exchange to stem further declines. Even so, Russian billionaires’ wealth continued to come under pressure, as some of their companies are listed elsewhere in the world.

The biggest loser among Russia’s billionaires is Lukoil chairman Vagit Alekperov, who has lost $14 billion this year — 60% of his net worth — after the company’s share price tanked about 80% on the London Stock Exchange. He is now worth $8.8 billion, per Bloomberg.

Russia’s richest known man, Vladimir Potanin, has lost $6.2 billion and now has a net worth of $24.7 billion, per Bloomberg. The share price of Norilsk Nickel, of which he is the president, has fallen by 56% on the London Stock Exchange.

Iskandar Makhmudov, President of Ural Mining and Metallurgical Company, dropped out of the billionaire list altogether, Bloomberg’s list shows.

Andrey Melnichenko is the only Russian billionaire to have made gains to date this year. His fortune is largely derived from privately held fertilizer company EuroChem and thermal coal firm SUEK, according to Bloomberg.

Even before Russia’s invasion of Ukraine, the US and UK had already slapped sanctions on Russian oligarchs and their family members. Among the individuals sanctioned by the UK was oligarch Gennady Timchenko, who has close ties with Putin, according to Reuters. His net worth now stands at $11.1 billion after falling by $11.3 billion this year.

Here’s a breakdown of Russia’s top ten richest people, their net worth, and how their wealth has changed so far this year, according to the Bloomberg Billionaires Index.

Read the original article on Business Insider