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 World, Economics
  20362

 Russia's oligarchs lost $11 billion in just 10 days of oil price plummeting, - The Telegraph

The gilded generation of Russia's richest men have suffered drastic losses during the market turmoil this year, hastening the end of an era of world dominance

Russia's super rich have lost more than $11 billion in just 10 trading days, as the oil price tumbles below $30 a barrel and the Russian economy feels the strain, Censor.NET reports citing The Telegraph.

Roman Abramovich, who made billions from the sale of oil giant Sibneft and now owns Chelsea football club, is nursing losses of around $820 million, while Alisher Usmanov, the steel tycoon who owns a third of Arsenal, is estimated to have lost $910 million since the start of the year.

Read more: Iran boosts oil production amidst nuclear sanctions lifting, - Associated Press

Industrial sectors from steel to mining have been in the vanguard of the sell-off in Russian stocks, while the Russian rouble has dropped in value to new lows.

Vladimir Potanin, who became one of the country's wealthiest men through mining companies, has seen losses of up to $1.3 billion in the turmoil as his net worth fell to $13.3 billion, while Leonid Mikhelson, the chairman and chief executive of Russian gas giant Novatek, also saw $1.5 billion wiped of his holdings, and lowering his net worth to $11.5 billion.

Read more: Sberbank of Russia Head German Gref: "Oil era is over, we have lost"

In total, the 13 richest Russians, who control around $130 billion between them, have lost as much as $11.1 billion since the start of the year, according to the Bloomberg billionaires index.
 
 
 
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