We list here the top 10 Russian billionaires who where impacted by the western sanctions due to the military action in Ukraine.
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Due of Western sanctions imposed on Russia in retaliation for the invasion of Ukraine, Russia’s wealthiest individuals lost more than $38 billion in 2022.
According to Bruno Venditti of Visual Capitalist, the top ten Russian oligarchs have a combined net worth of $186 billion, which is comparable to the market cap of huge publicly traded corporations like McDonald’s and AMD.
But who are the Russian ultra-rich?
We’ve used data from Bloomberg’s Billionaires Index to show Russia’s wealthiest people… and how much they’ve lost so far as a result of the war.
Metals, Art, Luxury, and Sports
Vladimir Potanin, Russia’s richest man, owns a 35 percent share in Nornickel, a Moscow-listed company.
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The company is the largest producer of palladium, a metal used in automobile catalytic converters, as well as nickel, an important metal for electric vehicle batteries and renewable energy.
Potanin, Russia’s former First Deputy Prime Minister and a close associate of President Vladimir Putin, is a significant supporter of the arts. He recently resigned from the Guggenheim Museum’s board of trustees after 20 years on the board.
Russian oligarchs are known for their taste in art and luxury.
The Russian ultra-rich are also among the biggest owners of private aircraft and superyachts, with some of them being seized by law enforcement as part of the sanctions on Russia.
Alisher Usmanov, Russia’s fifth richest man, owns Dilbar, the world’s largest motor yacht by gross tonnage. The yacht, which is 512 feet long and cost $800 million to build, employs 84 full-time crew members.
The yacht, which was named after Usmanov’s mother and confiscated by German officials, was later determined to be owned by a Malta-based company and registered in the Cayman Islands.
The Russian oligarchs are also heavily invested in sports, in addition to art and luxury.
Russian billionaire Roman Abramovich is the former owner of Chelsea Football Club, a London-based soccer team. While attempting to sell the club for $3.9 billion, he was sanctioned by the United Kingdom.
From 2009 to 2019, Mikhail Prokhorov, the founder of Onexim Group, a Moscow-based conglomerate with interests in banking, insurance, and real estate, owned the Brooklyn Nets basketball team and its home arena.
Vladimir Lisin, chairman of the steel company NLMK, is also on the list. He is the head of the European Shooting Confederation, and a shooting sports enthusiast.
Fading Fortunes? Not so Fast
It is not the first time that Russian oligarchs have been subjected to severe economic penalties. Since Russia’s occupation of Crimea in 2014, the EU, US, UK, Switzerland, and Canada have sanctioned 20 Russian oligarchs.
The majority of them own property in the names of relatives or have assets registered in tax havens such as the British Virgin Islands or the Isle of Man.
Steel baron Alexey Mordashov, for example, transferred his controlling share in gold miner Nordgold to his wife, Marina, after being sanctioned.
Despite the crash of the ruble and the collapse of the Moscow stock market, Russian oligarchs have found innovative ways to protect their money and properties.