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Ukraine War: Russian Oligarchs Made $95 Billion Poorer by Western Sanctions

Almost $95 billion was lost by the richest Russian oligarchs in 2022, $330 million per day, due to strict sanctions which were imposed by the West in retaliation for the invasion of Ukraine.

Among the biggest losers of the year, is Roman Abramovich the former owner of Chelsea, who saw his fortune drop 57% to $7.8 billion this year, according to the Bloomberg Billionaires Index.

Abramovich was one of the first oligarchs to be sanctioned by the UK on March 10 after ministers accused him of having “clear connections” with Putin’s regime and that he was among a group of rich people Russian of businessmen who “they had blood on their hands”.

Gennady Tymchenko, oligarch and Vladimir Putin’s henchman, is also among the billionaires who saw their wealth drop by 48% to $11.8 billion. Also, Suleiman Kerimov, another ally of the Russian president, lost 41% of his fortune, falling to $9 billion, according to the index.

Sanctions have been imposed on 1,271 people – including Abramovich and “Nickel King” Vladimir Potanin, Russia’s second-richest man – according to the annual assessment of the Office of Economic Sanctions Enforcement.

Source: News Beast

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