Russian billionaires lose $80 billion in wealth

Russian billionaire and businessman Alisher Usmanov arrives to the openings of new monument to former Russian Prime Minister Yegeny Primakov at Smolenskaya Square inin Central Moscow, Russia, October,29,2019. Politician and diplomat Yegeny Primakov died in 2015.

Russia's top billionaires have lost over $80 billion in wealth in the last few weeks, with more to come as sanctions and seizures start to bite.

The economic turmoil surrounding President Vladimir Putin's invasion of Ukraine has wiped out a third of the wealth of Russia's richest billionaires. The end of an era for an entire class of Russian elites around the world has been brought about by the impact of sanctions, the collapse of the Russian ruble and the global outrage over Ukraine.

Rosneft CEO and Chairman of the Management Board Igor Sechin is seen during a meeting with Russia’s President Putin in the presidential residence in Novo-Ogaryovo.

Two megayachts have already been seized over the past day.

Russian experts say the financial impacts may be starting. According to reports, the wealth of the man has fallen by $1.7 billion, but he is still worth $19.5 billion. Russia's richest man has lost less than a quarter of his wealth, down to $25 billion.

Gennady Timchenko, a member of the Board of Directors at Novatek and Sibur Holding, attends a session following ceremonies to sign agreements between the Government of the Russian Republic of Tatarstan and Sibur Holding, and TAIF and Sibur Holding.

Many others have seen their fortunes decline. The biggest loser in dollar terms is Gennady Timchenko, who saw his fortune fall from $22 billion to $11 billion. The CEO of the Russian gas company lost more than $10 billion.

Alexei Mordashov, the Russian mining magnate, saw his fortune drop by up to $22 billion after he was sanctioned by the EU. According to Forbes, at least 12 Russians have fallen off the billionaire's list in recent weeks.

Alexey Mordashov, billionaire and chairman of Severstal PAO, pauses during a panel session on day three of the St. Petersburg International Economic Forumin St. Petersburg, Russia, on Friday, June 4, 2021.