LAST MINUTE | Their wealth has melted!This is the rise and fall of the Russian oligarch

28 days after Russia began military action against Ukraine. As the month of war approaches, the United States and EU countries are imposing strict economic sanctions on Russia.

But the sanctions that Russia describes as an “economic war” affect not only the country and its politicians, but also the Russian billionaires who stood up after Putin.

The wealth of Russian billionaires has increased by 73% over the last decade. Defined as “Oligarchs”, these millionaires are one of the best companies in many areas such as oil, energy and industry. However, these millionaires earned 73% in 10 years and lost 20% of their wealth less than a month after the war began.

Oligarch’s earnings, which had total wealth of $ 326 billion shortly before the declaration of the war, melted into $ 259 billion after the declaration of the war, according to Bloomberg Billionaires Index data. With these numbers, Russia’s millionaire wealth has fallen to 2019 levels.

Timchenko with the most wealth melted: Timchenko

Russia’s billionaire with the most wealth losses was Timchenko at 39%, while Prohorov had the least losses at 1%.

Born in 1952, Timchenko began working at Leningrad’s state-owned construction plant in 1976. Timchenko was later appointed to the Russian Ministry of Trade in Leningrad. Timchenko, who was appointed Deputy General Manager of the oil company Kirishine ftekhimexport in 1988, founded the trading company Gunvor in 1997.

In the first financial report after Putin, Gunvor reported revenue of $ 43 billion. Revenue surge Timchenko acquired 38% of the petrochemical company Ciboure in 2011. Timchenko, who sold Gunvor’s shares to Tornqvist for a private amount in 2014, was included in a money laundering investigation by US authorities that same year.

Timchenko, often on Putin’s side as Russia began its operations, was one of the first Russian oligarchs to be sanctioned. Timchenko’s wealth has now melted 39% to $ 11.1 billion.

The wealthiest Russians in the Bloomberg Billioners Index: Your Cross

The Russian billionaire with a loss of 21% is Vladimir Potanin, who is considered the wealthiest Russian by the Bloomberg Billionaires Index. But even though he is the wealthiest oligarch, the most characteristic feature of Potanin is that he is not sanctioned like others.

Potanin, who became president of Russia’s largest private bank, Onexim Bank in 1993, was appointed Deputy Prime Minister of the Yeltsin Government in 1996. Billionaire, who said in 2010 that he would devote most of his property to charity, ended the feud between Nornickel and Billionaire Oleg Deripaska in 2012. He has been appointed CEO. In 2014, he sold ProfMedia to Gazprom-Media.

However, despite his wealth and intimacy with Putin, he said he was the CEO and majority shareholder of Norilsk, the world’s largest producer of refined nickel, and no major sanctions were imposed on the name. Has been done. According to Bloomberg, Potanin’s post-war wealth is $ 24.8 billion.

The name with the least damage: PROKOROV

Born in Moscow in 1965, Prokhorov graduated from the Moscow State Financial Institute in 1989.
In 1991 he met the connected Vladimir Putinin and in 1995 founded a bank instead of buying a stake in the metal giant Nornickel Nickel. After selling the company’s stake to Potanin in 2010, he became the owner of the Brooklyn Nets basketball team and made history as the first non-US owner in NBA history.

What distinguishes Prokhorov from others in that Prokhorov is the least damaging and not subject to sanctions is that the name is not an oligarch close to Putin. The name that founded the party in 2011 lost President Putin’s candidacy in 2012 and 2012. However, Proholov carefully emphasized that throughout the campaign, he was presented as an “alternative” rather than against Putin.

Prokhorov, who bought 27.1% of Uralkali shares for about $ 4.9 billion in 2013, sold Uralkali shares. A year later, after US sanctions in 2014, under Putin’s pressure, he sold 49% of Brooklyn Nets to Joseph Tsai, a billionaire for $ 3.5 billion, and 51% of Barclays Center’s stake in 2019. Was sold to Tsai.

Since 2018, Proholov has focused on activities and name recognition in Russia. Against this background, Proholov is considered one of the most “fluid” people on the list, and it is relatively difficult to find the wealth of millionaires that could be confiscated.

According to the Bloomberg Billionaires Index, Prokhorov’s postwar net worth is estimated at $ 13.7 billion.

Postwar wealth melted

The only thing that millionaires have in common is the dissolution of post-war wealth … Pre-war Potanin wealth from $ 31.3 billion to $ 24.8 billion and Leonid Mikhelson from $ 28.5 billion, according to the Bloomberg Billionaires Index. It was $ 21.7 billion. Wealth of the dollar, Alexei Mordashov, decreased from $ 28.5 billion to $ 21.7 billion, Vladimir Lisin’s wealth decreased from $ 27.8 billion to $ 20.7 billion, and Alisher Usmanov’s wealth decreased from $ 21.3 billion to $ 17.8 billion.

Roman Abramovich’s wealth, ranked ninth among the wealthiest in Russia, but one of the most talked-about names, has fallen from $ 16.6 billion to $ 13.9 billion.

However, the fate of these oligarchs is expected to melt further after US President Joe Biden, who will each visit Europe and attend the NATO-G7-EU board, announces that he will announce further sanctions against Russia with his Western allies. ..