Sanctions cost Russia’s richest billions

Many have had their assets frozen in the West Russian billionaires have lost more than $93 billion since the end of February, Bloomberg reported on December 29, citing data from its Billionaires Index. Part of this wealth ($46.6 billion) was wiped out almost immediately after Russia launched its military operation in Ukraine, according to the report. The remaining $47 billion was lost in the following months as Western countries hit Moscow with unprecedented sanctions. The restrictions particularly targeted wealthy Russians who were seen in the West as being close to the nation’s leadership. Many leading business

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