Russian Rich Lose $10 Billion in Two Days as Ruble Drops

Russia’s 20 richest people lost $10 billion this week as the central bank raised interest rates to counter western sanctions that have crushed the ruble and sent the country’s RTS Index to its lowest point since March 2009.

The billionaires have dropped a combined $62 billion in 2014, according to the Bloomberg Billionaires Index, and control a combined $174 billion. The European Union and U.S. limited Russian companies’ access to financing to punish President Vladimir Putin after he annexed Crimea in March. Russia’s troubles have been worsened by the corresponding plunge in the price of oil, a bedrock of the country’s economy.