Russian oligarchs $95 billion poorer in 2022 due to Western sanctions

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Among the year’s biggest losers is ex-Chelsea owner Roman Abramovich, who saw his fortune drop 57 percent to $7.8 billion this year, according to the Bloomberg Billionaires Index.

Russia’s richest oligarchs lost nearly $95 billion in 2022, $330 million a day, due to tough Western sanctions imposed in retaliation for the invasion of Ukraine.

Among the year’s biggest losers is former Chelsea owner Roman Abramovich, who saw his fortune drop 57 percent 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 links” to Putin’s regime and being among a group of wealthy Russian businessmen who had “painted the their hands with blood”.

Gennady Timchenko, oligarch and Vladimir Putin’s man, is also among the billionaires who saw his fortune 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 by Britain’s Economic Sanctions Enforcement Office.

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