When Russia invaded Ukraine in February 2022, many countries retaliated with sanctions targeting Russian billionaires - the oligarchs - and politicians directly.
And as the war has progressed, those sanctions have intensified, with even the relatives and shell companies of these billionaires being targeted over time.
The reason?
As Visual Capitalist's Omri Wallach notes, these oligarchs are interconnected to Russia’s government, lending vocal and fiscal support in exchange for sweetheart deals or beneficial government oversight.
This animation from James Eagle shows how the estimated net wealth of the 22 wealthiest Russian billionaires on the Bloomberg Billionaires Index in April 2023 has changed since January 2022, prior to the start of the conflict.
Net Wealth of Top Russian Billionaires
The 22 wealthiest Russian billionaires in April 20, 2023 lost a collective $90.4 billion in net worth since January 5, 2022.
| Rank | Name | Main Industry | Net Wealth (Apr 20, 2023) | Net Wealth (Jan 5, 2022) | % Change |
|---|---|---|---|---|---|
| 1 | Vladimir Potanin | Commodities | $29.6B | $31.1B | -4.8% |
| 2 | Leonid Mikhelson | Energy | $27.2B | $33.2B | -18.1% |
| 3 | Vladimir Lisin | Industrial | $21.5B | $28.0B | -23.2% |
| 4 | Vagit Alekperov | Energy | $19.1B | $22.8B | -16.2% |
| 5 | Alisher Usmanov | Diversified | $19.1B | $21.2B | -9.9% |
| 6 | Alexey Mordashov | Industrial | $18.1B | $29.1B | -37.8% |
| 7 | Mikhail Prokhorov | Diversified | $14.3B | $14.0B | 2.1% |
| 8 | Gennady Timchenko | Diversified | $13.2B | $23.1B | -42.9% |
| 9 | Andrey Melnichenko | Industrial | $12.3B | $17.8B | -30.9% |
| 10 | Mikhail Fridman | Diversified | $12.0B | $14.1B | -14.9% |
| 11 | Dmitry Rybolovlev | Diversified | $10.8B | $11.2B | -3.6% |
| 12 | Andrey Guryev | Industrial | $10.1B | $8.0B | 26.3% |
| 13 | Victor Rashnikov | Industrial | $9.1B | $14.4B | -36.8% |
| 14 | Suleiman Kerimov | Commodities | $8.9B | $15.2B | -41.4% |
| 15 | German Khan | Diversified | $8.1B | $9.6B | -15.6% |
| 16 | Roman Abramovich | Diversified | $7.7B | $18.2B | -57.7% |
| 17 | Viktor Vekselberg | Industrial | $7.3B | $18.6B | -60.8% |
| 18 | Leonid Fedun | Energy | $7.0B | $8.9B | -21.3% |
| 19 | Alexander Abramov | Industrial | $6.8B | $9.1B | -25.3% |
| 20 | Vyacheslav Kantor | Industrial | $6.4B | $9.1B | -29.7% |
| 21 | Petr Aven | Diversified | $5.8B | $6.6B | -12.1% |
| 22 | Alexey Kuzmichev | Diversified | $5.8B | $7.3B | -20.5% |
The heaviest hit include Viktor Vekselberg, who holds a stake in UC Rusal, the world’s third largest aluminum producer. Since the start of the war, he’s lost an estimated $11.3 billion or 61% of his net worth from January 2022.
Roman Abramovich, who got his start in the early oligarchy through oil conglomerates, was also hit hard by the sanctions. He lost $10.5 billion or 58% of his net worth from January 2022, and was forced to sell Chelsea Football Club in one of the biggest sports team sales in history.
Notably, the richest oligarchs haven’t lost as much. Mining giant Norilsk Nickel’s largest shareholder, Vladimir Potanin, saw his net worth only drop by 4.8%. After being hit hard at the onset of the war in Ukraine, he quickly rebounded and at many times had an even higher net worth, reaching $35.6 billion in June 2022.
And a few oligarchs, like former Norilsk Nickel CEO Mikhail Prokhorov and phosphate-based fertilizer baron Andrey Guryev, saw their wealth increase since January 2022. Guryev grew his net worth by $2 billion or 26%, while Prokhorov (who formerly owned the NBA’s Brooklyn Nets) saw his net worth even out at a gain of $0.3 billion or 2%.
Oligarch Support of Russia (or Lack Thereof)
As Russia’s war with Ukraine has dragged on, and sanctions have continued to weigh on Russian billionaires, politicians, and companies, their effects have been uncertain.
Oligarchs have lost net worth, relinquished foreign businesses, and even had prized possessions like mansions and yachts seized. At the same time, though Russia’s economy has weakened under sanctions, bolstered trade with countries like China, India, and Saudi Arabia have kept it stronger than expected.
And though some oligarchs have voiced various concerns over the ongoing war, the wealthiest have been careful to toe the line. Russian billionaires and politicians that did vocalize criticism, including Lukoil chairman Ravil Maganov, have been found dead in apparent suicides, heart attacks, and accidents.
The most serious oligarch rebellion wasn’t due to economic hardships, but military operations. Oligarch and mercenary leader Yevgeny Prigozhin launched an attempted coup in June 2023, reportedly retreating after support from within Russia’s military quickly fizzled.
