Billionaire’s Wealth Doubles as Ukraine War Roils Energy Markets
Torbjorn Tornqvist’s wealth rose to $3.7 billion as Gunvor’s profits soared with Putin’s invasion of Ukraine disrupting markets.
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Torbjorn Tornqvist moved quickly into crisis-management mode after Russia annexed Crimea.
The co-founder and chief executive officer of energy trader Gunvor Group raced to buy out his business partner, Gennady Timchenko, closing the deal just one day before the US sanctioned the Russian billionaire in 2014. To help finalize the transaction, Tornqvist, a native of Sweden, had to take out a 10-figure dividend from the privately held firm.