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Russian oligarchs lose $11 billion in just 10 trading days due to weak rouble and rising oil prices

Roman Abramovich_

 

Russian oligarchs have lost an estimated $11 billion (£7.6bn) in just 10 trading days since the turn of the year as oil prices slip and the rouble weakens. The nation is home to some of the richest men on the planet but as the oil price tumbles to below $30 a barrel and the Russian economy weakens, the super rich have seen an eye-watering amount of money wiped from their coffers.

Those who have seen the highest losses since Christmas include Chelsea owner Roman Abramovich, who made billions from the sale of oil giant Sibneft, lost around $820 million (£575 million) while steel magnate Alisher Usmanov, who owns a third of Arsenal, is estimated to have lost $910 million (£638 million) since the start of the year.

Once-steady Russian sectors of steel and mining have been sold-off quickly while the Russian rouble has seen a staggering drop in value. According to the Daily Telegraph the 13 richest Russians who are worth around $130 billion, have lost as much as $11.1 billion since the start of the year.

Read the full story at IBtimes, by William Watkinson

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