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5 Jan, 2023 05:28

Sanctions cost Russia’s richest billions – Bloomberg

Many have had their assets frozen in the West
Sanctions cost Russia’s richest billions – Bloomberg

Russian billionaires have lost more than $93 billion since the end of February, Bloomberg reported on December 29, citing data from its Billionaires Index.

Part of this wealth ($46.6 billion) was wiped out almost immediately after Russia launched its military operation in Ukraine, according to the report.

The remaining $47 billion was lost in the following months as Western countries hit Moscow with unprecedented sanctions. The restrictions particularly targeted wealthy Russians who were seen in the West as being close to the nation’s leadership. Many leading business figures essentially lost access to their assets in the West.

However, Russian billionaires were not the only ones to see their fortunes shrink this year. In total, the world’s 500 richest people have lost around $1.4 trillion since 2021.

According to analysts, apart from the sanctions war against Russia, such dynamics can be explained by rising inflation and, subsequently, more aggressive monetary policies by central banks around the globe.

Moscow has repeatedly criticized Western sanctions and called the restrictive measures against Russian businessmen “international banditry” and the freezing of assets “theft.”

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