Russian oligarchs are suffering from the consequences of Putin’s actions.
According to the Bloomberg Billionaires Index, the impact of sanctions on these oligarchs, along with the collapse of the ruble and the Russian economy, have rapidly brought an end to an era for an entire class of Russian elites around the world.
Two yachts have already been seized – Dilbar by Alisher Usmanov and Amore Velo by Igor Sechin.
British ministers are calling for the seizure of Russian property in the country and a new global task force has been set up to seize the assets of sanctioned Russians.
Russian experts say the financial impact has just begun.
The billionaire Usmanov who was sanctioned by the European Union may be on the next US list. His fortune has dropped to $ 1.7 billion from the previous $ 19.5 billion.
Russia’s richest man, Vladimir Potanin, has already lost a quarter of his fortune, or up to $ 25 billion.
The biggest loser is Gennady Timchenko, who controls the Volga Group, his fortune halved to $ 11 billion. Leonid Mikhelson, head of Russian gas company Novatek lost $ 10.5 billion.
Other big losers include Alexei Mordashov, a Russian mining tycoon who was sanctioned by the EU where his fortune fell to $ 5.6 billion from $ 22 billion.
According to Forbes, at least 12 Russians have dropped from the list of billionaires in recent weeks.