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Amid Russia-Ukraine unrest, Russian billionaires lost $28 bln in market sell-off

NewsAmid Russia-Ukraine unrest, Russian billionaires lost $28 bln in market sell-off

A drastic fall has been hit out the Russian companies and is facing a massive fiscal deficit due to rising border tension with Ukraine. Amid the extreme fall in economic growth, an enormous loss has hit out the billionaires of Russia as he has lost around $28 billion in recent days.

Due to the military conflicts and rubles in response to mounting fears of war, the stock market of the country has fallen by 20 per cent over the past year alone. On the other hand, the ruble has come down an all-time low of almost 80 as compared to the U.S. dollar. This is due to the fact that the investors have ditched Russian assets.

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As per some reports, since the end of December 2021, the Forbes Global Billionaires list has shown that the most elite people of the country has witnessed the downfall in their wealth. As per the research, in the midst of the sell-off, 76 out of the 104 elites of Russia have faced a lowering level of their wealth.

As per the Forbes Real-Time calculator, the billionaire has faced the lost wealth amount of $27.9 billion. The firm is based on tracking the value of high-net-worth individuals, which administer the live share prices and exchange rate.

Until the tension is not resolved and the military confrontation against Ukraine is continuous, the analyst predicts that the country will remain in the phase of law economic growth.

Denis Sverdlov is the biggest loser who have found the electric vehicle manufacturer called Arrival and also remained as a government minister earlier due to the crash in share price by 46 percent since Mid0December.

However, Arrival has faced a loss due to the slowdown in sales, and people are underestimating the capital requirements.

Moreover, the financial and technology stocks have seen the heaviest losses due to the global pressure on technology share prices. There is also the possibility of the sanctions package that could be imposed by the U.S. on Russian financial institutions and also impact the elite people in business of the country.

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