Ukraine Crisis: Russia's Billionaires Take a Beating

By US Daily Review.

Russia’s 10 richest individuals lost as much as US$6.6 billion, or 4.7% of their combined net worth, according to a Wealth-X estimate, after the country’s benchmark Micex index plunged nearly 11% last week due to escalating tensions between Russia and Ukraine.

Alisher Usmanov (pictured) – the country’s wealthiest man with interests in mining, telecommunications, media, and sports, including a more than 30 percent stake in Arsenal Football Club – lost US$1.7 billion after a week of market turmoil, shrinking his personal fortune from US$20 billion to US$18.3 billion.

The Uzbek-born Russian oligarch reportedly invested US$97 million to build communications infrastructure, a sports complex, and a standby technical centre for the recently concluded winter Olympics in the Russian resort town of Sochi.

Among the billionaires who appear in Wealth-X’s list of the top 10 richest Russians, Vladimir Potanin – the president of Interros, one of Russia’s largest private investment companies – lost the largest chunk of his fortune in the past week. Potanin’s net worth was reduced to US$10.4 billion after he lost about US$2 billion.

The current combined net worth of the top 10 wealthiest Russians is US$133.7 billion, compared to US$140.3 billion, where it stood prior to the recent escalation in tensions between Russia and Ukraine.

Below are the top 5 wealthiest Russians and their net worth:

Rank Name Net Worth

(US$ billion)

Net Worth Change Since 7 March 2014

(US$ billion)

1 Alisher Usmanov 18.3 – 1.7
2 Viktor Vekselberg 17.2 0.0
3 Mikhail Fridman 15.2 – 0.8
4 Gennady Timchenko 15.1 – 0.4
5 Andrey Melnichenko 13.5 0.0

For the full list, visit http://www.wealthx.com/articles/2014/top-10-richest-russians-net-worth-list

All opinions expressed on USDR are those of the author and not necessarily those of US Daily Review.

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