Oligarchs lost over $1.25bn a few hours after new sanctions

Oligarchs lost over $1.25bn a few hours after new sanctions
Oleg Deripaska

Forbes found out to what extent have the shares of companies belonging to Russian businessmen felt in price.

After the US Treasury announced the inclusion of seven Russian billionaires in the sanctions list on April 6, their combined fortune decreased by more than $1.25 billion, as follows from Forbes data, calculated in real time.

According to analysts' estimates, most of the losses fell on Oleg Deripaska, whose state decreased by $960 million, or more than 15%, at the peak of the fall. After the announcement of the US Treasury’s messages, the value of the shares of companies controlled by Deripaska fell by 10-20%. In particular, EN+ Group shares fell more than 20% on the Moscow stock exchange by 17:25 Moscow time, and those of UC Rusal by 12.44%. Thus, UC Rusal has lost more than 66 billion rubles of capitalization (about $1.15 billion, to $8 billion), while the total value of En+ shares has dropped by $1.4 billion, to $5.5 billion.

According to Forbes, Suleyman Kerimov has become poorer by $265 million (minus 3.9%), Viktor Vekselberg by $57 million (minus 0.4%), and Vladimir Bogdanov by $6 million.

The introduction of sanctions has not affected the fortune of two more people from the list — Kirill Shamalov and Igor Rotenberg. While the state of Andrey Skoch has even increased, although not very noticeably (+0.2%, or $8 million).

Explaining the decision to include Russian oligarchs into the sanctions list, Head of the US Treasury Steven Mnuchin said that they “will no longer be isolated from the consequences of the destabilizing activity” of the Russian authorities, “from whom they make a profit.”

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