Inside the staggering losses of Russia’s oligarchs: Moscow’s elite have billions wiped

In response to Russia’s invasion of Ukraine, the West has imposed a wide range of sanctions against Moscow and its wealthiest residents. The majority of these individuals are from the country’s oligarchy and represent vast sums of money and influence in Russia.

An oligarchy refers to a type of societal power structure where the ruling power lies within a small number of people, who are then known as oligarchs.

Today the term is mostly associated with Russia although it can refer to anywhere in the world.

The UK, US and a number of their allies have ramped up sanctions during the past fortnight against Moscow’s oligarchs in an attempt to end the Russian invasion.

It’s hoped the financial pressure applied to the oligarchs, most of whom have close connections to Russian President Vladimir Putin, will dilute support for the war to continue.

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3.) Gennady Timchenko

Mr Timchenko founded and owns the private investment company, Volga Group and is regarded as one of President Putin’s closest allies.

Consequently, he was one of the first oligarchs to be hit with sanctions, which have so far cost him $4.6 billion (£3.5 billion) of his $23.5 billion (£17.9 billion) net worth.

He is one of many oligarchs who have had their British assets frozen and are barred from travelling to UK shores.

2.) Alexey Mordashov

As the main shareholder and chairman of Severstal, Russia’s largest steel and mining company, Mr Mordashov is one of Moscow’s most powerful oligarchs.

Bloomberg has revealed his wealth to have decreased by $5.6 billion (£4.3 billion) following the Russian invasion of Ukraine.

1.) Vagit Alekperov

Mr Alekperov has suffered some of the worst financial losses after an eye-watering $10.5 billion (£8 billion) was chalked off his finances.

He is the president of the leading Russian oil company LUKOIL and had previously worked as the first deputy minister of the Oil and Gas Industry in the Soviet Union.