Hardest hit was Oleg Deripaska, head of aluminum giant Rusal, whose shares on Hong Kong’s market where his company is listed collapsed by 50 percent, wiping some $4.3 billion off its value. Meanwhile, Viktor Vekselberg, who with Sual Partners owns a 26.5 percent stake in Rusal, lost around one billion dollars.
The company which supplies seven percent of the world’s aluminum supply, is now at risk of defaulting on part of its debt, the AFP reported.
The sanctions also hit Norilsk Nickel, whose shares were down 16 percent. This reportedly cost its largest shareholder Vladimir Potanin around $1.3 billion, even though he was not among the 24 people and 15 companies blacklisted on April 6 by the U.S. authorities in response to the diplomatic fallout of the Sergei Skripal poisoning.
Suleiman Kerimov, Leonid Mikhelson, Gennady Timchenko, Vladimir Lisin, Roman Abramovich, Vagit Alekperov and Alexei Mordashov also suffered major financial losses due to the market collapse which affected BTB Bank and mining and metals giant Mechel.