The 22 wealthiest individuals in Russia saw a staggering $39 billion erased from their collective net worth in a single day following the military invasion of Ukraine.
This massive financial collapse was triggered by a historic crash of the MOEX Russia Index, which plummeted by 33% as markets reacted to the onset of the conflict. According to the Bloomberg Billionaires Index, the losses sustained in those 24 hours far exceeded the combined wealth depreciation these individuals had experienced throughout the entire year leading up to the invasion.
The energy and mining sectors were hit particularly hard by the market volatility. Vagit Alekperov, chairman of the oil giant Lukoil, experienced the most significant individual loss, seeing his personal fortune drop by one-third, from $19.2 billion to $13 billion, as his company’s stock price dove by 32%. Similarly, Vladimir Potanin, recognized as Russia’s richest man, lost $3 billion in the wake of a 26% share price drop at Norilsk Nickel.
These financial hits are expected to intensify as the United States, the United Kingdom, and the European Union continue to implement aggressive sanctions targeting oligarchs and their families to exert pressure on the Kremlin.
