Russian oligarchs lose USD 95 billion amid sanctions due to war in Ukraine

This is reported by The Guardian.

It is noted that the richest Russian oligarchs have lost almost USD 95 billion this year due to severe sanctions imposed by Western countries due to the war in Ukraine. They have been losing USD 330 million a day since the Kremlin began its invasion.

Roman Abramovich, the former owner of the Chelsea football club, lost the most fortune.  His fortune has fallen 57% to USD 7.8 billion this year, according to the Bloomberg Billionaires Index. Abramovich became one of the first oligarchs to be sanctioned by the UK on March 10 after ministers accused him of having "obvious links" to the Putin regime and belonging to a group of wealthy Russian businessmen with “blood on their hands.”

The fortune of Gennady Timchenko, a billionaire energy investor and close friend of Putin, fell 48% to USD 11.8 billion, and Suleyman Kerimov, another ally of the Russian president, has lost 41%, dropping to USD 9 billion, according to the index.

The UK government is known to have frozen more than GBP 18bn of assets belonging to oligarchs and other Russians. In total, about two dozen rich Russians, who are tracked in the daily updated Bloomberg list, lost about USD 95 billion in 2022.