A group of Russia’s wealthiest people added $29.5 billion to their collective net worth during President Vladimir Putin’s latest presidential term, recouping steep losses following his annexation of Crimea.
Of the 12 Russians listed on the Bloomberg Billionaires Index in 2012, when Putin took office, nine have expanded their fortunes, led by metals tycoon Vladimir Potanin, who added $6.4 billion. Mikhail Prokhorov, his former partner in MMC Norilsk Nickel PJSC and a Putin rival during that year’s elections, lost $1.6 billion. The group’s six-year gains are short of the $33.2 billion that Amazon.com Inc. founder Jeff Bezos, the world’s richest person, added to his fortune just this year.
The dozen Russians did well during the first two years of Putin’s term, but took severe losses after the 2014 crisis in Ukraine that were exacerbated by subsequent sanctions and plunging energy prices. The group’s fortunes, which bottomed out at a combined $115 billion in January 2016, are now benefiting from higher commodity prices and a rebound in Russian equity markets.
U.K. Prime Minister Theresa May expelled 23 Russian diplomats on Wednesday in retaliation for the poisoning of a former spy and his daughter in England. May told Parliament the U.K. will also move to freeze Russian state assets. Despite media reports that some Russian billionaires with interests in the U.K. may be affected, May didn’t name any counter measures against Russian private money in the country.
Putin was president from 2000 to 2008, before being appointed prime minister. He reclaimed the presidency in 2012 and is widely expected to win the March 18 election and a new six-year term.
This article was provided by Bloomberg News.
