Russian stock market saw historic slides. 💸 engineering
Last week, the Russian military launched a multi-pronged attack on Ukrainian territory that evoked sharp criticism from the countries in the West. To reign in Russian aggression, Western powers have imposed a series of financial sanctions on Russia that also includesRussian stock exchange sees a historic slide
However, even before the latest sanctions kicked in, the Russian markets recorded their fifth-worst plunge as the national index MOEX closed 33 percent lower, Bloomberg said in its report. The market valuation tanked by over $50 billion in a single day making it the worst slide since the Black Monday crash of 1987.
Facing the bulk of this heat were Russian billionaires that saw a combined wealth erosion of over $39 billion dollars in a single day. Vagit Alekperov, the chairman of Moscow-based Lukoil was hit the most with his wealth shrinking by as much as $6.2 billion as the oil-producing company's stock slid 33 percent, Bloomberg reported.
Russia's richest person, Vladimir Potanin lost $3 billion on the day when steelmaker Severstal's chairman Alexey Mordashov lost $4.2 billion Vladimir Lisin, owner of another steel-making company, Novolipetesk lost $3.9 billion while Leonid Mikhelson,the founder, chairman, and largest shareholder in the gas company, Novatek, was the next big loser at $3.8 billion.Gennady Timchenko, whose investment group Volga focuses on the energy, transport, and infrastructure assets, has also lost $3.
With hopes of reconciliation talks on the horizon, there has been some respite for these billionaires. However, if no progress is made towards peace, further sanctions could hit them harder.Stay ahead with the latest science, technology and innovation news, for free:
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