War in Ukraine: Russian billionaires’ fortunes have shrunk by $126 billion

The economic sanctions surrounding Russia have direct consequences for the great fate of the country. According to the magazine Forbesthis financial loss is estimated at over $126 billion.

Thousands of displaced persons, civilian casualties, abandoned animals… the war in Ukraine waged by the Russian army does not only affect people and their animals. It also affects the local economy and that of the invading country.

According to the magazine Forbesthe war has only been going on for a few days but is already having a major impact on the economy and markets around the world.

The value of the Russian currency, the ruble, fell sharply, the stock market collapsed and several billion dollars were wiped from the pockets of Russia’s greatest fortunes. Forbes estimated this amount to be more than $126 billion as of February 16, 2022.

Sanctions that could change the situation?

Among the oligarchs and billionaires involved, the magazine lists, for example, Vagit Alekperov, founder of Lukoil, his country’s largest independent oil producer. His fortune shrank 17.1% ($4.2 billion) after the decline in Russia’s oil and gas supplies, details Forbes

Will these financial sanctions play a role in ending the war? Vladimir Putin hosted a meeting in the Kremlin with the country’s powerful men, including 13 billionaires, state news agency TASS reports. But no billionaire has commented on the subject of the war.

Do you want to help the Ukrainian people? This article tells you how.

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