Russia's Wealthiest Are Quietly Taking a Bath Amid Ukraine Standoff

PHOTO: Vladimir Potanin, head of the Interros Holding Company and leader of the lobbying group Russian Union of Industrialists and Entrepreneurs (RSPP) appears at a news conference, June 23, 2006
Sovfoto/UIG/Getty Images

As the region of Crimea votes this weekend whether to secede from Ukraine, Russia's benchmark Micex index has dropped more than 10 percent.

Russia's 10 wealthiest individuals have lost an estimated $6.6 billion between their stock holdings, reports research firm Wealth-X, which collects information on ultra-high net worth individuals.

The country's richest man, Alisher Usmanov, who has holdings in telecommunications, mining and other businesses, lost an estimated $1.7 billion in a week, Wealth-X estimates.

But the richest have been largely silent since the crisis began. "Many inside Russia’s large corporations are no doubt supportive of Mr. Putin’s moves in Crimea, which are widely seen here as correcting a historical error made by the Soviet leader Nikita S. Khrushchev, when he transferred Crimea to the Ukrainian Soviet Socialist Republic," writes the New York Times. "If corporate leaders are complaining, they are doing it quietly."

Here's how Usmanov and nine other of Russia's wealthiest population fared, according to Wealth-X.

Net worth: $18.3 billion

PHOTO: Uzbek-born Russian businessman Alisher Usmanov attends a meeting between Russian President Vladimir Putin and Crown Prince of Abu Dhabi Sheikh Abdullah bin Zayed al-Nahayan during their meeting at the Novo-Ogaryovo state residence outside Moscow.
Maxim Shemetov/AFP/Getty Images
1.
Alisher Usmanov

Change since March 7: $-1.7 billion

Uzbek-born Usmanov reportedly invested around $97 million for the infrastructure and facilities of the Olympic games in Sochi, Russia.

Read More: This Pic Tells All You Need to Know About U.S.-Russia Relations

Net worth: $17.2 billion

PHOTO: President of the Skolkovo Foundation Viktor Vekselberg attends the briefing "The outcomes of the G20 Leaderss meeting with the social partners. The work of the Business 20 and Labour 20 within the Russian Presidency.
Anatoly Medved/Host Photo Agency/Getty Images
2.
Viktor Vekselberg

Change since March 7: none

With business interests in energy and metals, Viktor Vekselberg, 56, is pegged as Forbes' 51st wealthiest person in the world.

Read More: Russian Foreign Minister Lavrov: No Common Vision With US on Ukraine

Net worth: $15.2 billion

PHOTO: Chairman of the directors board of Russia’s Alfa-Bank Mikhail Fridman.
Sovfoto/UIG/Getty Images
3.
Mikhail Fridman

Change since March 7: $-0.8 billion

Mikhail Fridman, who is a chairman of Russia's Alfa Group, is Forbes' 47th richest person in the world. He is estimated to be worth $17.6 billion by Forbes, while Wealth-X estimates his net worth at $15.2 billion.

Net worth: $15.1 billion

PHOTO: Russian businessman and billionaire, an oil trader Gennady Timchenko during the openings of the 2013 IIHF U18 World Junior Championship, April 18, 2013 in Sochi, Russia.
Sasha Mordovets/Getty Images
4.
Gennady Timchenko

Change since March 7: $-­0.4 billion

Gennady Timchenko is pegged as Forbes' 61st wealthiest person in the world as co-owner of the Gunvor Group, an energy trading company, and businessman of many pursuits.

Net worth: $13.5 billion

PHOTO: Russian businessman and billionaire Andrey Melnichenko attends a meeting of Russian Union and entrepreneurs on Nov. 10, 2009 in Moscow.
Konstantin Zavrazhin/Getty Images
5.
Andrey Melnichenko

Change since March 7: none

Andrey Melnichenko, 42, is listed as Forbes' 97th richest person in the world, with interests in business such as energy and fertilizer.

Net worth: $12.6 billion

PHOTO: Russian billionaire and businessman Vladimir Lisin attends a meeting of top Russian and Spanish business leaders, Feb. 25, 2011 in St. Petersburg, Russia.
Sasha Mordovets/Getty Images
6.
Vladimir Lisin

Change since March 7: none

Vladimir Lisin, 57, made his wealth in steel and railways, Forbes notes.

Net worth: $11 billion

PHOTO: Sibur CEO Leonid Mikhelson attends a press conference with Russia President Vladimir Putin during a visit to Sibur Tobolsk Polymer plant, Oct. 15, 2013 in Tobolsk, Siberia, Russia.
Sasha Mordovets/Getty Images
7.
Leonid Mikhelson

Change since March 7: $-1 billion

Number 57 on Forbes' list, Leonid Mikhelson, 58, made his fortune in gas and chemicals, Forbes notes.

Net worth: $11 billion

PHOTO: TNK BP executive director German Khan attends a meeting on promoting the development of oil fields with difficult production conditions, in Novo-Ogaryovo, May 3, 2012.
Valery Sharifulin/ITAR-TASS/Newscom
8.
German Khan

Change since March 7: $-0.1 billion

Along with Mikhail Fridman, German Khan, 52, is a chairman of Russia's Alfa Group and comes in at number 100 on Forbes' list of richest people in the world.

Net worth: $10.4 billion

PHOTO: Vladimir Potanin, head of the Interros Holding Company and leader of the lobbying group Russian Union of Industrialists and Entrepreneurs (RSPP) appears at a news conference, June 23, 2006
Sovfoto/UIG/Getty Images
9.
Vladimir Potanin

Change since March 7: $-2 billion

Potanin, president of Interros, one of Russia's largest private investment companies, may have recently lost the most of the individuals in this list, according to Wealth-X.

Net worth: $9.4 billion

PHOTO: Russian businessman Alexei Mordashov attends a council of the state presidium with Russian President Vladimir Putin at the OAO Severstal plant Feb. 17, 2014 in Cherepovets, Russia.
Sasha Mordovets/Getty Images
10.
Alexey Mordashov

Change since March 7: $-0.6 billion

Alexey Mordashov, 48, is Forbes' 111th richest person in the world, noting that he had about $10.5 billion as of March 2014, with interests in steel and telecommunications.

Join the Discussion
You are using an outdated version of Internet Explorer. Please click here to upgrade your browser in order to comment.
blog comments powered by Disqus
 
You Might Also Like...