The wealth of Russian millionaires was already declining … and US sanctions could still ‘destroy’ them

Timchenko, 69, Son of a Soviet military officer Bloomberg’s data shows that the man who befriended President Vladimir Putin in the early 1990s and is now worth about $ 16 billion, most of his wealth comes from Russian gas producer Novotech.

Luck of Novotech partner, Leonid MichelsonIt has lost $ 6.2 billion this year, while Lukoil’s chairman’s net worth, Vakit AlekberovShares of the energy company fell nearly $ 3.5 billion during the same period, falling nearly 17 percent.

The country’s 23 billionaires currently have a net worth of $ 343 billion, down from $ 375 billion that ended in 2021, according to the assets list.

After Putin recognized the independence of the two republics in Ukraine, markets fell further this week, prompting Germany to suspend its energy program with Russia and the United Kingdom, and to impose sanctions on the country’s five banks and their three richest men. Including Timchenko.

UK sanctions are also on the list Boris Rottenberg65, and his son-in-law, Igor, 48, and their families have amassed their wealth through the Stroygazmontazh gas pipeline construction company.