Billionaires lost billions; Impact of American sanction on Russia

The sanctions imposed by the US government and European Union against Russian oligarchy has cost more than $80 billion to the country’s elites, according to the reports.

After President Vladimir Putin launched an attack on its neighbouring country Ukraine, Russian oligarchs have suffered huge financial loss due to the financial sanctions, or financial consequences imposed by governments or international organisations.

The billionaires all combined have lost almost $83 billion since the start of the war which accounts for about one-third of their wealth, as reported by Bloomberg Billionaires Index.

Due to the sanctions, at least two Russian billionaires got their yachts seized.

Germany, on Wednesday, also seized one of the world’s largest megayachts that belongs to Russian businessman Alisher Usmanov. Earlier, Alisher also voted in support of Putin’s decision of declaring war, Forbes reported.

Next in the list of billionaires who suffered these huge loss is Igor Sechin, whose yacht was seized by France on Thursday.

As on Thursday, at least five superyachts that were cruising or anchored in the Maldives, belonging to super rich Russian oligarchs were seized after lacking an extradition treaty with the US.

Even the billionaires not targeted by sanctions have had their business and life impacted by the war.

As per the sources, on Wednesday, one of the Russia’s richest billionaires, Vladimir Potanin, who has links to Putin, stepped down as a trustee for the Guggenheim Museum despite having no sanctions against him.

Reportedly, Russian billionaire Roman Abramovich also announced on Wednesday that he’d be selling premier soccer club Chelsea FC in order to provide the proceeds to ‘victims of Ukraine war.”

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