Putin's Close Associates Lost 120 Trillion Won Due to the Ukraine War

Bloomberg Billionaires Index Cited... Former Chelsea Owner Also Faces 57% Loss

On the 17th (local time), Vladimir Putin, President of Russia, visited the Russian military headquarters and attended a meeting. Photo by Yonhap News

[Asia Economy Reporter Hwang Sumi] Reports have emerged that the net assets lost by the 'Oligarchs' (Russia's new tycoons) due to Russia's invasion of Ukraine amount to $95 billion (approximately 120 trillion KRW). This means an average daily asset evaporation of $330 million (about 410 billion KRW).

On the 30th, the British daily The Guardian cited Bloomberg's billionaire index to report this. The figure is the combined net asset decrease of the 24 wealthiest oligarchs this year.

In terms of loss ratio, the oligarch whose net assets decreased the most was Roman Abramovich. Abramovich, the former owner of the English Premier League (EPL) club Chelsea, is known as a close associate of Russian President Vladimir Putin.

He is reported to have lost $10.2 billion (approximately 12.8 trillion KRW), equivalent to 57% of his original net assets, since the outbreak of the Ukraine war. His current asset size is about $7.8 billion (approximately 9.8 trillion KRW).

Another close associate of President Putin, Gennady Timchenko, lost $10.7 billion (about 13.5 trillion KRW), which is 48% of his assets, this year. Russian senator Suleiman Kerimov also suffered a loss of $6.2 billion (approximately 7.8 trillion KRW), losing 41% of his total net assets.

This asset reduction is interpreted as a result of Western sanctions targeting Russian tycoons. The United States, the European Union (EU), and others imposed sanctions on Putin's close associates and supporters after Russia invaded Ukraine at the end of February.

The sanctions mainly involved freezing assets that these individuals had moved overseas. Particularly, the U.S., which had banned entry for business or leisure purposes, recently intensified its pressure. On the 15th, U.S. Secretary of State Antony Blinken announced in a statement that additional Russian leaders and companies involved in the Ukraine invasion were added to the sanctions list.

Among them was Vladimir Potanin, a close associate of President Putin. Known as the 'Nickel King,' Potanin is the major shareholder of Norilsk Nickel, Russia's largest nickel producer, through a stake acquisition in 1990.

The Canadian government also recently announced plans to seize assets of Russian tycoons within its territory. These assets will be used as funds to support Ukraine's economy and compensate victims.

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