Russia's Richest Lose $16 Billion Over Latest U.S. Sanctions
(Bloomberg) -- It was a painful day to be a Russian billionaire.
The combined net worth of the country’s wealthiest people fell by $16 billion Monday -- erasing all of their year-to-year gains -- following last week’s U.S.-imposed sanctions.
All but one of the 27 Russian tycoons listed on the Bloomberg Billionaires Index lost money, led by Siberian nickel miner Vladimir Potanin, whose fortune declined $2.25 billion. Lukoil PJSC Chief Executive Officer Vagit Alekperov saw his wealth tumble $1.37 billion, while Viktor Vekselberg of Renova Group lost $1.28 billion.
Oleg Deripaska, who was also among those sanctioned, lost $905 million on Monday and has seen his fortune dwindle by more than $2 billion over the past two trading days. His losses stemmed from his industrial conglomerate En+ Group Plc, whose shares have plunged 54 percent since Thursday, according to London Stock Exchange data. Through EN+, Deripaska owns half of United Co. Rusal, the giant aluminum producer that was also slapped with sanctions.
The MOEX Russia Index of stocks climbed 1.4 percent by 1:21 p.m., after falling 8.3 percent Monday, the most in four years. The ruble weakened 3.2 percent to 62.67 versus the dollar, extending its slump this week to 7.2 percent.
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