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Russian Oligarchs' Fortunes Melt Away [1]

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Date: 2023-02-07  

Vladimir Putin with Russian oligarch UsmanovRussian oligarchs' wealth down 30%

For Russia’s super-rich who have made their money in the shadow of the Kremlin and its permanent resident Vladimir Putin, the ostracism of the international community has resulted in hefty financial losses. According to Bloomberg, which runs a real-time Global Billionaires Index, the country's 24 richest businessmen have lost just under USD 100 billion as of Jan. 1, 2023. Of it almost USD 40 billion in the first days of Russia’s invasion.

The biggest loser is a former Chelsea owner Roman Abramovich, who’s fortune dropped by 57% or USD 10.2 billion Yet he still owns USD 7.8 billion. The fortune of the list’s runner-up Gennady Timchenko, a billionaire energy investor and close friend of Putin, has reduced by 48% to USD 11.8 billion, and Suleiman Kerimov, another of the Russian president’s allies, has lost 41%, dropping to $9bn, according to the index. Another Russian tycoon Alexi Mordashov, although having lost the same amount as Abramovich, is still sitting on a mind-blowing fortune of USD 18.6 billion.

Some like Oleg Tinkov have managed to lose it all. Although in his case it was rather due to his open critique of Russia’s war and its mastermind Vladimir Putin. Soon after Tinkov came forward with a curse-filled post on Instagram branding Putin’s war ‘insane’, he was forced to sell his stake in the bank he founded to Russia’s wealthiest man – a Putin-ally Vladimir Potanin. Unlike others Potanin hasn’t borne the brunt to the same extent and remains Russia’s richest oligarch with c. USD 28 billion. He is one of a handful of Russian oligarchs with ties to the Kremlin who so far managed to dodge sanctions. The US put him on the SDN-list at the end of last year, but the EU hasn’t followed yet, allowing him to continue earning money in Europe and snapping up lucrative assets.

In addition to losing their fortunes, Russian oligarchs also seem to be losing access to some of their favourite ‘toys’. An international task force established to tackle corrupt elites has successfully seized a number of megayachts. Of them the most stunning are – a 500-foot Dilbar belonging to Alisher Usmanov and Igor Sechin’s 280-foot Amore Velo. Overall, international sanctions have resulted in the freezing of tens of billions-worth of different assets, including luxury property, private jets and yachts.



For context, in total, the world’s 500 richest people lost almost USD 1.4 trillion in 2022. While the losses of Russian oligarchs may seem to be relatively moderate, it is still a significant blow to those supporting the war as well as to Russia’s economy in general.

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[1] Url: https://www.dailykos.com/stories/2023/2/7/2151574/-Russian-Oligarchs-Fortunes-Melt-Away

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