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How poor Russian oligarchs are in 2022: Alexei Mordashov lost $11 billion, and Roman Abramovich lost half that

Alexey Mordashov lost $11 billion and topped the rating of Russian oligarchs who became impoverished in 2022.  Photo: Sergey Fadeichev / TASS photo host agency

Alexey Mordashov lost $11 billion and topped the rating of Russian oligarchs who became impoverished in 2022. Photo: Sergey Fadeichev / TASS photo host agency

Trouble came from where they did not expect: in the Forbes rating in 2022, only 88 Russian dollar billionaires remained! You say everything? Yes, it would seem that there are plenty of rich people in Russia. But for comparison, in 2021, the Forbes ranking included 123 Russian billionaires. And according to the results of the past year, 68 Russian businessmen, whose fortune exceeded 1 billion dollars, became poorer! Tell us who got burned and what.

Western sanctions and the collapse of the stock market hit our billionaires the hardest. Some, such as Oleg Tinkov, because of the operation in Ukraine, made unprofitable deals (sold 35.1% of their shares in TCS Group (the main asset is Tinkoff Bank) to Vladimir Potanin. As a result, the losses incurred by businessmen amounted to (just think about it!) billions of dollars!

The absolute leader among the losers was the main owner of Severstal, Alexei Mordashov. American sanctions were imposed on him, his family and the companies controlled by him: Severstal, Severgroup, Nordgold and Algorithm, and the European Union banned the export of steel and iron products from Russia. As a result, Severstal shares have lost almost 45% of their value since the beginning of the year.

However, for some oligarchs, the past year has brought sweet moments. According to Forbes, 27 Russian billionaires, despite the difficulties in the economy, sanctions and the collapse of the stock market, were able to increase their fortunes. Moreover, also for billions of dollars (that’s why they are billionaires!). The reason for their enrichment was the strengthening of the ruble, as well as the increased demand on the world market for certain types of products, for example, for mineral fertilizers.

A photo: Dmitry ORLOV

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