How Sanctions Take a Toll on Russian Billionaires

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March 21 (Bloomberg) -- Bloomberg’s Rob LaFranco examines how sanctions against Russia for actions in Ukraine are impacting billionaire Gennady Timchenko and other individuals on Bloomberg Television’s “On The Move.”

Billionaires editor joins us.

One of the names we are hearing is an arty timchenko.

Who is he and how is he getting mixed up in this?

These are guys who have long soviet history.

His father was a soviet officer.

He was born in ukraine.

He is an armenian national.

He is a longtime associate of vladimir putin.

He is very antagonistic about his connections to putin.

He doesn't ever talk to the media.

We do know that they met in the early 1990's as the soviet union was crumbling.

They share this judo connection together.

How badly has he been affected by sanctions?

Pretty badly.

He had a worth of about $11 billion at the start of january.

It is now $8.4 billion.

Just before the sanctions came out, he transferred his ownership in gunvor, a large oil trading company, to his partner.

A guy named torbjorn tornqvist.

They started the company.

They each own 44%. now, timchenko doesn't own any of that.

There has been a lot of transition over the last couple of days about his fortune.

It is unclear how that transferred, whether it was a cash payment, gentleman's agreement.

There could also be sanctions on his partner.

This is pure speculation but i guess we will have to look into that.

How much further risk is there to his fortune?

Pretty significant.

Novatek is another large piece of this.

It is down 13% in the last three days.

He has a large petrochemical business in russia.

He has oil transport businesses.

This text has been automatically generated. It may not be 100% accurate.


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