Published On: Wed, Dec 17th, 2014

Oligarch German Khan Hit Hard by Russian Economic Malaise

German Khan 640x360

Businessman German Khan is one of the Russian billionaires who have lost more than $50 billion in 2014, CNN Money reported on December 16.

Khan has lost $2.5 billion, equivalent to about 22% of his wealth, the report said, citing data from Bloomberg.

Khan controls Alfa Bank, Russia’s largest private lender, together with his longtime business partner Mikhail Fridman who has seen his portfolio shrink by $3.5 billion, the report said.

Khan sold his stake in oil giant TNK-BP to Russia’s largest crude oil producer Rosneft for $3.3 billion in 2013, according to Bloomberg.

According to the Bloomberg data, Russia’s 15 richest men have lost billions due to Western sanctions, low oil prices and the falling ruble.

Khan, the son of Ukranian Jewish parents, is also known for his support of Jewish initiatives. He is one of the founders of the Genesis Philanthropy Group, which funds Jewish identity-building efforts for Russian-speaking Jews around the globe. The billionaire is also a leading member of the Russian Jewish Congress.

Meanwhile, The Guardian reported that Russian President Vladimir Putin now has “a full blown ruble crisis” on his hands, as the Russian central bank raised interest rates to 17% in an attempt to prevent the ruble’s collapse. but the currency still hit new all-time lows against the dollar.

 

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