Forbes: Russian billionaires lose nearly $90B amid Ukraine invasion

Russia’s roughly 116 billionaires have lost nearly $90 billion since February 16, Forbes calculates, Report informs.

Of that, an estimated $39 billion was wiped out on February 24, after Russia’s Moex index closed down 33% and the ruble plunged to a record low against the dollar. The threat of sanctions extending beyond the small circle of billionaire oligarchs and businesses already targeted by the US, the UK, and EU could bite further into the fortunes of Russia’s richest.

At least five of the billionaires at the Kremlin on February 24 - Alekperov, Mikhelson, Mordashov, Potanin and Kerimov - were among the day’s biggest billionaire losers. Altogether at least 11 Russian billionaires lost $1 billion or more each on February 24.

Vagit Alekperov, a former Caspain oil sea rig worker and former Soviet oil minister who set up Lukoil, Russia’s largest independent oil producer, was the biggest loser. He saw $3.8 billion, or around 15.4% of his estimated $21.6 billion fortune, disappear as Russian oil and gas stocks plunged.

After Russian President Vladimir Putin recognized the sovereignty of the Luhansk and Donetsk 'people's republics' and announced a special military operation to demilitarize Ukraine, a number of countries decided to impose sanctions against Russia.