23 Russian billionaires see wealth tumble as tensions escalate

The fortunes of Russia’s super-rich have tumbled $32 billion this year, with the escalating conflict in Ukraine, Report informs, citing Al Jazeera.

US President Joe Biden on Tuesday unleashed sanctions targeting Russia’s sale of sovereign debt abroad and the country’s elites, and said he’s sending an unspecified number of additional US troops to the Baltics.

Gennady Timchenko heads the list of Russian billionaires who have seen their fortunes drop, with almost a third of his wealth disappearing this year, according to the Bloomberg Billionaires Index, a listing of the world’s 500 richest people.

Fellow Novatek shareholder Leonid Mikhelson’s fortune has tumbled $6.2 billion this year, while Lukoil Chairman Vagit Alekperov’s net worth has declined about $3.5 billion in the same period as the energy company’s stock has slid almost 17%.

The country’s 23 billionaires currently have a net worth of $343 billion, according to the wealth list, down from $375 billion at year-end.

Additionally, U.S. Secretary of State Antony Blinken said Tuesday he wouldn’t meet with Russian Foreign Minister Sergei Lavrov this week because it “does not make sense” given Russia’s moves in Ukraine.