The richest man in Russia lost a total of $ 39 billion after the invasion of Ukraine

Russia’s richest individuals paid a heavy price on Thursday after Russian President Vladimir Putin ignored international warnings and launched an all-out invasion of Ukraine.

Russian billionaires have lost a combined net worth on paper of $39 billion after the country’s stock market plunged because of the invasion. Moscow’s benchmark MOEX Russia index closed 33% lower on Thursday – marking one of the worst single-day market crashes in the country’s history.

Vagit Alekperov, billionaire tycoon and chairman of Russian energy giant Lukoil, was hit the hardest. He lost almost a third of his paper fortune as his net worth fell by more than $6 billion during a time of Russia’s economic turmoil, according to Bloomberg Billionaire Index.

Vladimir Potanin, Russia’s richest man and a close associate of Putin, has lost about $3 billion in the process. Alexey Mordashov, chairman of Russian steel company Severstal, has lost more than $4 billion.

Gennady Timchenko, who was targeted by personal sanctions during recent US and European economic actions against Russia, has lost $3.7 billion.

Russian stocks had a muted recovery in Friday’s trading, gaining more than 10%. But the Russian economy is expected to come under severe strain in the coming months as the US and its European allies implement significant economic sanctions.

President Biden announced sanctions targeting Russian banks and state-funded businesses shortly after the Kremlin ordered the attacks. The Biden administration also implemented what it describes as “complete containment sanctions” against Russian elites.

“This action includes individuals who have enriched themselves at the expense of the Russian state and have elevated their family members to some of the highest positions of power in the country,” the White House said in a statement. An announcement.

So far, the US has not pushed for Russia’s expulsion from the SWIFT international banking system – a move seen by many as the “nuclear option” in terms of economic penalties.

However, Biden noted that a SWIFT ban is “always an option” in the future if Russia maintains its current course. The president also pointed to the possibility of future sanctions targeting Putin himself.