The Devastating Financial Impact of Western Sanctions on Russian Oligarchs in 2022
by FARUK IMAMOVIC | VIEW 744
As a result of Western sanctions in response to Russia's aggression against Ukraine, Russian oligarchs have lost a staggering $95 billion. This amounts to a daily loss of $330 million from the beginning of the conflict until now.
According to data from Bloomberg, Roman Abramovich, former owner of the English football club Chelsea, suffered the most, losing 57% of his wealth, which is now at $7.8 billion. Abramovich was one of the first oligarchs to be sanctioned by the UK and has been described by British authorities as having "clear links" to the regime of Russian President Vladimir Putin and as being among wealthy Russians with "blood on their hands." UK Foreign Secretary Liz Truss stated, "we have more individuals on our list, who we are ready to sanction… nobody is off the table," when asked if Abramovich was a target for sanctions.
Energy sector investor and Putin confidant Gennady Timchenko's wealth has decreased by 48% to $11.8 billion, while Putin ally Suleiman Kerimov's wealth has declined by 41% to $9 billion. The British government has frozen the funds of oligarchs and other Russians worth £18 billion and has sanctioned 1,271 individuals, including Vladimir Potanin, also known as the "Nickel King," who is the second richest Russian.
Listed below are Russia's largest financial losses
- Leonid Mikhelson: Down $4.5 billion, - 16.5% (major shareholder of gas producer Novatek)
- Vagit Alekperov: Down $4.2 billion, - 17.1% (chairman of Russia's largest independent oil company, Lukoil)
- Alexey Mordashov: Down $4.2 billion, - 14.4% (majority shareholder in steel company Severstal)
- Gennady Timchenko: Down $4.2 billion, - 18.1% (hit with sanctions on Tuesday after Putin deployed forces to eastern Ukraine)
- Vladimir Lisin: Down $4.1 billion, - 13.5% (chairman of NLMK Group, a leading steel products manufacturer)
- Suleiman Kerimov: Down $3.2 billion, - 22.7% (most of his fortune comes from his family's stake in Russia's largest gold producer, Polyus)
- Vladimir Potanin: Down $3 billion, - 10.7% (most of his fortune is held in mining giant Norilsk Nickel)
- Oleg Tinkov: Down $2 billion, - 52.2% (founder of Russian bank Tinkoff, sentenced last year for filing a false tax return)
- Mikhail Shelkov: Down $1.7 billion, - 38.9% (former head of the investment division of state-owned Rostec, now gets most of his fortune from stake in world's largest titanium producer for the aerospace industry)
- Leonid Fedun: Down $1.4 billion, - 14.2% (former military man-turned-financial whiz at Alekperov's right hand at Lukoil)
- Roman Abramovich: Down $1.2 billion, - 8.4% (British opposition lawmakers have demanded seizure of Abramovich's assets, including Chelsea football club)