The wealth of Russia's richest people has declined in value amid the escalating security crisis in Ukraine. Reporting from Bloomberg, the wealth of the red bear country conglomerate has fallen to US $ 32 billion this year.
According to the Bloomberg Billionaires Index, a third of the wealth of Gennady Timchenko, who leads the list of Russian billionaires, has evaporated since January 1.
Timchenko is listed as having a net worth of $16 billion, most of which comes from a stake in Russian gas producer Novatek.
The name of another conglomerate who also suffered the same fate was Leonid Mikhelson. The wealth of the figure who also holds Novatek's shares has fallen by US$ 6.2 billion this year.
Vagit Alekperov, President Lukoil's fortune, fell by about $3.5 billion in the same period when his oil company's shares slumped nearly 17 percent earlier this year.
Bloomberg noted, as many as 23 Russian billionaires currently have a net worth of US $ 343 billion. That's down from $375 billion at the end of last year.
This situation will continue to worsen throughout this week, after Russian President Vladimir Putin recognized the two separatist regions of Donetsk and Luhansk in Eastern Ukraine as sovereign territories.
The move led Germany to halt energy projects with Russia. Shortly after, Britain also imposed sanctions on five Russian banks and three Russian conglomerates, including Timchenko.
Two other names on the UK sanctions list are Boris Rotenberg and his nephew, Igor Rotenberg, who both made their fortunes through gas pipeline construction company Stroygazmontazh.
The three people received special sanctions because they were considered close to Putin. Timchenko is the son of a Soviet military officer who met and befriended Putin in the early 1990s. Meanwhile, Igor's father, Arkady, is one of Putin's former judo sparring partners.
