Russia’s billionaires are starting to feel the heat.
The broadside to their fortunes has been swift since President Vladimir Putin’s decision to invade Ukraine. Russia’s ultra-rich who rank among the world’s 500 wealthiest people have now lost a combined US$83 billion this year, according to the Bloomberg Billionaires Index.
Market declines have been so extreme that Russia’s central bank halted local trading on Monday, meaning some of the losses are understated. Shares of London-listed Russian companies, from gas producer Novatek to steelmaker Severstal, tumbled by more than 50% on Monday after the US, UK, European Union and other countries ratcheted up sanctions.