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Russia’s Richest Lose $32 Billion as Ukraine Crisis Deepens

  • Timchenko has seen almost a third of his fortune disappear
  • Sanctions imposed on Russia could amplify wealth destruction
Bloomberg business news
Biden Announces Further Sanctions on Russia
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The fortunes of Russia’s super-rich have tumbled $32 billion this year, with the escalating conflict in Ukraine poised to make that wealth destruction much larger. 

U.S. President Joe Biden on Tuesday unleashed sanctions targeting Russia’s sale of sovereign debt abroad and the country’s elites, and said he’s sending an unspecified number of additional U.S. troops to the Baltics in a defensive move to defend NATO countries.