The Moscow Stock Exchange has postponed opening hours for fear of collapse, but Russia’s greatest fortune has already melted since the beginning of the war with Ukraine.
Russia hit a wallet. The EU announced new sanctions against Moscow on Saturday, but Russian billionaires are already under the brunt of a federal attack on Ukraine.
According to Forbes, 116 Russian millionaires would have lost some equivalents $ 126 billion The first day of the Russian attack on Ukraine between February 16th and 24th. An American site that tracks the evolution of Earth’s greatest wealth in real time has found that the heritage of Russia’s oligarchs and millionaires has already diminished for weeks due to tensions between the two countries. This Thursday, before the crash on February 24th.
Russia’s Moex index has fallen 33% in an unprecedented day since Black Monday in 1987, while virtually flying $ 71 billion a day.
We need to add a ruble depreciation against the dollar to this stock market stall. The Russian currency hit a historic low against the dollar on Thursday after falling 9% in the session. After a slight rise at the end of the week, the ruble collapsed again on Monday, showing a plunge of almost 30% against the US currency.
If the Russian stock market index Moex recovered on Friday, the opening of the Moscow Stock Exchange was postponed until 5 am on Monday and then simply canceled that day. Certain markets like Sberbank will fall 69% in London, but Russian financial authorities are afraid of a new collapse.
The decision by the central bank to raise key interest rates by 10.5 points to 20% to support its currency is unlikely to reassure the market.
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Billionaire Leonid Mikhelson lost the most in the $ 4.5 billion decline last Thursday, with 16.5% of his fortune now estimated at $ 24.8 billion. Novatek, the country’s largest private natural gas supplier, CEO and majority shareholder regained $ 2 billion on Friday due to the recovery of the Russian stock market.
The other four oligarchs lost more than $ 4 billion on Thursday alone. This is Vagit Alekperov, chairman of oil giant Lukoil and former Soviet Deputy Oil Minister Vagit Alekperov, whose wealth has fallen by $ 4.2 billion (and nearly $ 8 billion since the beginning of the year). Alexei Mordashov, a major shareholder of Russia’s steel giant, also lost $ 4.2 billion on Thursday and had a $ 2 billion backlash on Friday.
Same as above of Gennady Timchenko, which invests in petrochemical companies Sibur and Novatek through his company Volva Group (-$ 4.2 billion). On their side, Vladimir Lisin, Soliman Kerimov (the boss of gold producer Polyus) and Vladimir Potanin (of the mining giant Novolipetsk Nickel), the presidents of the steel group NLMK, lost about $ 3 billion.
Europe’s most famous billionaire, thanks to London football clubs Chelsea and Roman Abramovich, saw his wealth fall by $ 1.2 billion last Thursday. Evraz, the country’s second-largest steelmaker, which is also a major shareholder of Nornickel Nickel, has a major shareholder at the crosshairs of the UK authorities. Not one of the oligarchs affected by the asset freeze, a billionaire close to Vladimir Putin transferred control of his football club this weekend.
Recognizing the impact of his intervention on his country’s greatest fortune, Vladimir Putin gathered at the Kremlin 37 last Thursday among the most important Russian businessmen, according to the press. Mug.. Thirteen billion billionaires attended the meeting, during which the Russian president justified his intervention.
“What’s happening is a necessary step,” the Kremlin leader reportedly told them. I never had the opportunity to do anything else. “
Russian billionaires have so far remained very cautious about the war in Ukraine. Only three of them publicly expressed opposition to military intervention. Mikhail Fridman, one of Russia’s wealthiest men with an estimated net worth of $ 11.4 billion, confirmed in an internal email to his investment company Letter One that “war can never be dealt with.”
Millionaires from Ukraine consider Russia’s intervention a tragedy.
“I have also spent most of my life as a Russian citizen creating and developing businesses. I have a deep attachment to the people of Ukraine and Russia, and the current conflict is a tragedy for both. I’m thinking, “he said.
Oleg Tinkov, founder of Tinkoff Bank, reminds him on Instagram, “In Ukraine, innocent people die every day, which is unthinkable and unacceptable.”
“The nation should spend money to treat people to fight cancer, not for war, but for research,” said a billionaire (3 billion) who lost more than 50% of his wealth in a few days. Judge the heritage of the dollar).
The last billionaire, Oleg Deris Paka, talked about the conflict. The founder of Russia’s aluminum giant Rusal called on Telegram Messenger to start peace talks “as soon as possible” between the two countries. “Peace is very important,” he assures us without frankly blaming Russia’s intervention. He also called for an end to Russia’s “state capitalism” on Monday, AFP said in the middle of the day.