Amid Deepening Ukraine Crisis... Russian Tycoons Lose 38 Trillion Won in Assets

Russia's richest man, Gennady Timchenko, founder of Volga Group
[Photo by Yonhap News]

[Asia Economy Reporter Jeong Hyunjin] As the Ukraine crisis intensifies, the wealth of super-rich individuals, including Gennady Timchenko, the founder of Volga Group and a close associate of Russian President Vladimir Putin, has reportedly decreased by $32 billion (approximately 38 trillion won) since the beginning of this year.

On the 22nd (local time), Bloomberg News cited its own billionaire index to report this. The net worth of 23 Russian billionaires listed on this index stands at $343 billion, down $32 billion from $375 billion at the end of last year.

The wealth of Timchenko, Russia's richest man, is currently $16 billion, a decrease of $6.47 billion compared to the start of the year. Timchenko, ranked 118th on Bloomberg's billionaire index, holds most of his wealth in shares of Novatek, a Russian gas supplier. The son of a Soviet military officer, he has maintained a close relationship with President Putin since the early 1990s.

Leonid Mikhelson, a shareholder of Novatek, also saw his wealth plunge by $6.2 billion this year. Bagit Alekperov, chairman of Lukoil, experienced a $3.5 billion decrease in net worth during the same period as the stock price fell nearly 17%. Bloomberg reported, "As the Ukraine crisis deepens, the wealth of the rich is declining."

Earlier, the United Kingdom announced sanctions against five Russian banks and three individuals in relation to the Ukraine crisis. The sanctions targets included ultra-wealthy asset holders such as Timchenko.

This content was produced with the assistance of AI translation services.