Russian Oligarchs bleed $93 billion in the last 1 year

Russian Oligarchs are losing billions of dollars by the day. At the time of writing, 19 ultra-wealthy Russians had collectively lost $93.18 billion in the past year. That's per a tradingplatforms.com data analysis.

Analysts attribute the losses to several factors. First, you have an economy struggling with the after effects of the coronavirus-induced economic crisis. Additionally, the country's currency, the Ruble, is performing poorly against the major currencies. Further, the country is grappling with economic sanctions that have seen these elites’ fortunes decrease.

A torrid time for Russian Oligarchs

“It's the worst possible time to be a Russian billionaire,” says Edith Reads from TradingPlatforms.com. She adds, “A struggling economy post Covid-19 crisis and a weak Ruble haven’t favored Russian businesses. The sanctions against them and Moscow have only exacerbated their woes.”

Many Western countries instituted sanctions against Russia, first for its annexation of Crimea. In the past few weeks, they've ramped up those sanctions following its invasion of Ukraine. Besides targeting high-ranking state officials in the Kremlin, they also extend to some of the nation’s richest men.

Who are the biggest losers?

According to the data, 10 of the 19 Russian Oligarchs lost $77.87 billion. That works to nearly 84% of all the lost group's funds. The hardest hit of all was Vagit Alekperov. This billionaire lost a whopping $17.6.

Following in the second and third positions were Gennady Timchenko and Leonid Mikhelsosn. Timchenko has lost $11.4B while Mikhelson lost $11.0 B.

Russia’s wealthiest man, Vladimir Potanin. The business mogul shed $6.43B to end up with a networth of $24.5B.

What next for Russia?

Things can only get darker for Russia. In the absence of a speedy resolution of the Ukrainian conflict and mounting sanctions, it’ll face economic hardships.

The nation is staring at a severe cash crunch following its isolation from Western financial markets. Again, several multinationals have withdrawn their operations from the country. Further, the U.S and other countries have banned Russian oil and gas imports.