Russian Conglomerate Wealth Lost 32 Billion US Dollars Due To Military Crisis In Ukraine

JAKARTA - Russia's top business group is known to have suffered considerable losses due to military tensions that occurred on the Ukrainian border. In a Bloomberg report today, it is stated that at least there has been a decline in the wealth of 32 billion US dollars from the pockets of conglomerates.

Oil and gas businessman Gennady Timchenko leads the list of conglomerates who have experienced this. He is believed to have lost about a third of his wealth as a result of the deteriorating situation. In the Bloomberg Billionaires Index, Timchenko currently 'only' has assets of 16 billion dollars.

“The 69-year-old Timchenko is the son of a Soviet military officer who met and befriended Russian President Vladimir Putin in the early 1990s. Most of his wealth comes from shares in Russian gas producer Novatek," said a source quoted by the editorial staff on Wednesday, February 23.

Another Novatek shareholder, Leonid Mikhelson and Chairman Lukoil Vagit Alekperov, lost 6.2 billion dollars and 3.5 billion dollars, respectively.

As is known, Russia is increasingly aggressive in carrying out attacks on border areas under the pretext of maintaining sovereignty.

For this, US President Joe Biden imposed sanctions by releasing Russian government bonds to global markets. This strategy is suspected to weaken the country's economic conditions.

Not only that, the US and its allies in Europe, NATO, are committed to sending troops to the Baltic region as a response to counterbalance Russia's strength.

"The escalating conflict in Ukraine is poised to do much greater harm, moreover if the sanctions imposed on Russia can amplify the damage," Bloomberg said in their article.