War with Ukraine: Due to sanctions on Russia due to war, Russian billionaires lost around 3 lakh crores in a day
The stock market fell heavily after Russian President Vladimir Putin announced military action in Ukraine, according to a report. A loss of $ 39 billion (approximately Rs 3 lakh crore) was suffered by Russian billionaires on this day.
Russia and Ukraine are still at war. The struggle is not only costing the common people a great deal, it is also costing the rich a great deal as well. The Russian billionaires are among the biggest losers. The sanctions against Russia began as soon as the president announced military action in Ukraine, according to a report. Due to this, Russian billionaires lost $ 39 billion (about Rs 3 lakh crore) in a single day.
The fifth major fall in market history
One of the richest people in the country lost a great deal of money within 24 hours. As well as this, they were afraid that if this war lasted for a long time, they might have to suffer more losses. As a result of the attack, the Russian stock market fell by the fifth largest amount in its history on Thursday. The benchmark MoX index fell up to 33 percent.
It worst day since Black Monday of 1987
As the stock market crashed, the ruble plunged to an all-time low. This was the largest fall in the history of the stock market since 1987’s Black Monday crash. Investors lost more than $50 billion. According to the report, the big fall in Russia’s stock market is one of the worst days in the country’s stock index’s history.
Most affected after World War II
As a result of the worst period in Europe since the Second World War, the stock market has suffered greatly. The dispute between Russia and Ukraine has led to economic sanctions from many countries, including the United States. As a result of this, Russian billionaires are suffering greatly. This is obvious. According to another report, the wealth of the country’s top 23 billionaires decreased by $32 billion in the past due to the Russia-Ukraine dispute.
Big blow to these Russian billionaires
According to the report, Lukoil President Vagit Aleperov suffered the biggest loss in a day, his net worth declined almost a third within a day. It dropped by about $6.2 billion. Shares of oil producers based in Moscow fell as much as 33 percent on Thursday. Alexey Mordashov, Chairman of steelmaker Severstal, lost $4.2 billion on Thursday, bringing his wealth down to $23 billion. Potanin, the president of Norilsk Nickel and currently the richest man in Russia, lost $3 billion after this.