New York Post

Cronies lose billions

- Thomas Barrabi

Russia’s richest individual­s paid a steep price on Thursday after President Vladimir Putin ignored internatio­nal warnings and proceeded with a fullfledge­d invasion of Ukraine.

Russian billionair­es lost a combined $39 billion in on-paper net worth after the country’s stock market cratered in response to the invasion. Moscow’s benchmark MOEX Russia Index closed 33% lower on Thursday — marking one of the worst single-day market crashes in the country’s history.

Vagit Alekperov, the billionair­e oligarch and chairman of Russian energy giant Lukoil, was hit hardest. He lost nearly a third of his on-paper fortune when his net worth declined more than $6 billion during Russia’s economic turmoil, according to the Bloomberg Billionair­es Index.

Vladimir Potanin, Russia’s richest individual and a close associate of Putin, lost an estimated $3 billion during the rout. Alexey Mordashov, chairman of the Russian steel firm Severstal, lost more than $4 billion.

Gennady Timchenko, who was targeted with individual sanctions during recent US and European economic actions against Russia, lost $3.7 billion.

Russian stocks made a muted recovery in trading Friday, climbing more than 10%.

?? ?? HORSE-KICKED: Vladimir Putin, riding a horse shirtless in 2009, is now being sanctioned directly by the US and European Union, though it is unknown if much of his wealth is vulnerable.
HORSE-KICKED: Vladimir Putin, riding a horse shirtless in 2009, is now being sanctioned directly by the US and European Union, though it is unknown if much of his wealth is vulnerable.
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