Economics
Three Weeks of Sanctions Have Cost One Russian $3.8 Billion
- Oleg Deripaska is the biggest loser among weathy countrymen
- EN+ Group shares have plunged 60% since U.S. blacklisted firm
The U.S. Softens Its Stance Against Russian Metals Giant
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The poet called April the cruelest month, and you probably won’t get an argument from Oleg Deripaska.
The Russian billionaire’s net worth plunged to a record low on Tuesday, almost three weeks after the U.S. imposed sanctions on him and some of his companies. Deripaska, 50, is the majority shareholder of En+ Group, which was among the firms targeted by the U.S. Treasury on April 6. Since then its stock has tumbled by more than half, reducing the aluminum tycoon’s fortune by $3.8 billion. Along with earlier losses, his net worth has dropped by $4.7 billion this year, the most of any wealthy Russian, according to the Bloomberg Billionaires Index.