Sanctions Have Cost Oligarchs $83 Billion
Russian oligarchs who found themselves on sanctions lists since the country’s invasion of Ukraine last week have lost around $83 billion of their combined wealth, a new report says.
The number comes via a real-time re-ranking of Bloomberg’s Billionaire Index, which shows that in roughly eight days, Russia’s wealthiest have lost about a third of their wealth.
Sanctions lists drawn up by the United States, the United Kingdom and the European Union have targeted both Russians who may have helped aid the invasion and those close to its largest businesses.
Russians with close ties to Russian Vladimir Putin have also been sanctioned.
In all, several hundred Russian citizens — including 351 members of the Russian Duma, the nation’s legislative body — have seen their assets frozen and are banned from traveling.
Wondering who made the list of Russians hit with sanctions? TheStreet has you covered.
What’s Been Seized So Far?
Since the invasion began at the end of last week, NATO and its allies have wasted no time in freezing bank accounts, yanking Russia’s access to the SWIFT payment systems and cataloging businesses and sectors that are now off limits to the country’s sanctioned.
France and Germany said this week that they had confiscated two ultra-luxury yachts from two of the most sanctioned targets, Igor Sechin and Alisher Usmanov.
Other wealthy Russians are being pressured to sell real estate or high-end jewelry and in some cases even masterpieces of art.
Long considered the main buyers of extremely expensive goods and services, the selling of many of these items could reset their individual markets substantially.
You can read a complete list of what we know has been seized by authorities under sanctions here.
