Russian Billionaires Face Mounting Sanctions

Russian Billionaires Face Mounting Sanctions

31 July 2014, 04:12
Damiano Fabiański
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Having lost more than $14 billion already this year, Russia’s 19 billionaires face an increasingly uncertain future, as Western sanctions begin to bite.

Steel tycoon Vladimir Lisin dropped $2.8 billion between January and late July 2014, while iron mining magnate Alisher Usmanov – said to be Russia’s richest man – saw his fortune fall by 14 per cent, down $2.5 billion.

Popular demands on both sides of this conflict meant that action as well as rhetoric is likely to ratchet up in the coming weeks, fuelled by the summer heat, outrage at Russia’s support for Ukrainian separatist forces and the bellicose aggression of Vladimir Putin in Moscow.

Russian-owned assets are already being taken out of London, according to the office of the UK Prime Minister.  Billionaire Russians with London properties include two with significant football-related holdings: Alisher Usmanov (major shareholder in Arsenal Football Club) and Roman Abramovich (owner of Chelsea FC). 

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