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Russia's Richest Lose $3.1 Billion as Tax Plan Hits Shares

  • Steel tycoon Vladimir Lisin sees biggest drop in wealth
  • Tax plan would largely affect metal and mining companies
Vladimir Lisin

Vladimir Lisin

Photographer: Andrey Rudakov/Bloomberg
Updated on

Russia’s super-rich tycoons lost more than $3 billion in one day after a top economic aide to the president proposed raising taxes on the nation’s giant metal and mining companies.

In a letter to Vladimir Putin, aide Andrey Belousov named 14 companies that could pay more. The resulting investor exodus saw $3.1 billion wiped off the fortunes of their affluent bosses, according to the Bloomberg Billionaires Index.