Russian oligarchs on Forbes’s 2022 World Billionaires List have lost over a quarter of their wealth as the cost of sanctions on Russia takes its toll.
The 83 Russian billionaires, including businessman Vladimir Lisin and Roman Abramovich, the owner of the Chelsea Football Club in Britain, among others on the list, lost a collective $263 billion in wealth compared to less than a year ago, according to Forbes. More than 30 Russian billionaires have dropped off the list.
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Only two new billionaires joined the list of 117 of Russia’s richest people. The 83 remaining billionaires are worth more than $320 billion.
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Among the wealthiest is Lisin, who is the chairman of one of the four largest Russian steel companies and whose net worth is down $7.8 billion, according to the outlet.
Lisin has been a stark critic of Russian President Vladimir Putin’s invasion of Ukraine, denouncing the violence in a letter to staff.
“I would like to begin by expressing my deepest compassion to all the victims of the armed conflict in Ukraine, the families and relatives of those who died. Lost lives are always a huge tragedy that is impossible to justify,” Lisin wrote in a letter published on LinkedIn in March.
Notably, Lisin is one of the few Russian oligarchs who have yet to be targeted by Western sanctions.
Abramovich, who has been sanctioned by the United Kingdom, European Union, and Canada, made the list but lost $7.6 billion of his net worth. The billionaire has a sprawling list of assets, including several megayachts, private jets, and real estate in London, France, the island of Saint Barthelemy, and other areas.
The Chelsea owner has yet to be sanctioned by the United States, as he claims to be a peace broker between Ukraine and Russia.
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Several Russian billionaires saw a double-digit drop in wealth within the last year, including Leonid Mikhelson, Alexey Mordashov, Gennady Timchenko, and Vagit Alekperov, among others.
A mounting number of sanctions by Western countries have sought to economically affect Russian oligarchs and businesses as the invasion of Ukraine barrels on.
