Russia-Ukraine conflict affects Russians. According to the Bloomberg Billionaires Index, Russia’s 22 wealthiest people saw their net worths plummet by a total of $39 billion in less than 24 hours as their country invaded Ukraine.
The wealth wipeout occurred after Russia’s leading MOEX index dropped by 33 percent on Thursday,
According to Bloomberg, the Russian billionaires lost more money on Thursday than they had the previous year through Wednesday.
Russia-Ukraine conflict: Effect of sanctions on Russians
As Western sanctions continue to tighten, Russia’s wealthiest people may find their wealth eroding. The United States on Tuesday unveiled additional measures against Russian oligarchs and their families. On Thursday, President Biden upped the ante with another round of sanctions.
The United Kingdom on Tuesday also announced sanctions against five Russian banks and three individuals, according to Reuters. According on Bloomberg, Gennady Timchenko, one of the individuals sanctioned, is Russia’s 11th-richest person with a net worth of $12.1 billion.
The Bloomberg Billionaires Index ranks the world’s richest people by their net worth. Here’s a list of Russia’s top ten wealthiest individuals, with their net worth and how much they lost in one day on February 24, according to the index.
|Name||Net worth||One-day change|
|Vladimir Potanin||26.1||-$3.0 billion|
|Alexey Mordashov||23.0||-$4.2 billion|
|Vladimir Lisin||22.4||-$3.9 billion|
|Leonid Mikhelson||22.2||-$3.8 billion|
|Alisher Usmanov||20.3||-$1.2 billion|
|Andrey Melnichenko||18.6||+0.1 billion|
|Viktor Vekselberg||17.2||-0.4 billion|
|Mikhail Prokhorov||13.6||-0.1 billion|
|Roman Abramovich||13.3||-1.8 billion|
|Vagit Alekperov||13.0||-6.2 billion|
Russia-Ukraine conflict summary
Russian military buildup on Ukraine’s border has exacerbated tensions between the two countries and strained bilateral ties during 2021-22, with the United States delivering a strong message that an invasion would be met with severe consequences for Russia’s economy.
Tensions had been increasing for months, epitomized by Putin’s furious diatribes and the buildup of Russian forces along Ukraine’s borders. Leaders in Washington and across Europe attempted to come to a peaceful solution, but they were unable to do so.
Ukraine gained its independence in 1991, after being part of the Soviet Union for most of the 20th century. Since then, Ukraine has been cultivating greater ties with Western European nations and the United States.
On Thursday morning, Russian President Vladimir Putin declared a “special military operation” against Ukraine. Explosions were reported in numerous cities, including Kharkiv, Ukraine’s second-largest city, and Kyiv, the country’s capital.
“I believe it is necessary to take a long-overdue decision, to immediately recognize the independence and sovereignty of the Donetsk People’s Republic and the Lugansk People’s Republic”
– Vladimir Putin
Analysts believe that this could be the start of a larger conflict in Ukraine, and many officials are labeling the action an assault on Ukraine’s independence.
On Thursday, Ukraine’s officials claimed that Russian forces took control of the Chernobyl nuclear power plant, according to the AP. Ukraine President Volodymyr Zelensky said Russia’s actions were a “declaration of war” on Europe as a whole.
The latest sanctions, which are intended to increase the pressure on the Kremlin and its allies, build on previous economic penalties Biden announced last week aimed at Russian banks including the military bank.
Ukraine is a country in Eastern Europe. It is the second-largest country in Europe by size, after Russia, which borders to the east and northeast. The current population of Ukraine is 43,301,680 as of Thursday, February 24, 2022.