Ukraine crisis strips three of Russia’s richest men of US$1.8 billion

While Russian President Vladimir Putin continues his staring contest with the international community over Ukraine, the conflict has laid havoc to the country’s natural-resource driven economy and the Russian tycoons who hang their fortunes on it.

All in, the civil unrest and Western sanctions have cost three of Mother Russia’s captains of industry a combined US$1.8 billion according to Wealth-X, and ultra-high net worth intelligence firm.

At the top of the losers list sits Gennady Timchenko, the billionaire owner of private investment firm Volga Group. The oil magnate lost $1 billion between March and mid-August putting his net worth at US$12.2 billion.

Despite his lightened pocket book, Timchenko refuses to push back against Putin telling Russian news network ITAR TASS: “In any situation Putin is guided by the interests of Russia. Period. There can be no compromise about it.”

German Khan, fellow big banker and partner at Alfa Group, Russia’s biggest financial and industrial investment group German Khan, has lost half a billion dollars from his personal coffers bringing him to a net worth of $11.3 billion.

As of mid-August, Viktor Vekselberg, owner and president of Russian conglomerate Renova Group, has lost $300 million since the Ukraine crisis started but still holds strong as the country’s second richest person.

But while International Monetary Fund expects Ukraine's debt to exceed 62 per cent of its GDP by 2015, Russia’s 10 richest tycoons have added $3 billion to their personal fortunes since the crisis escalated in March.

America’s richest are also making gains despite the fighting over in Ukraine. According to the Bloomberg Billionaires Index, America’s 64 wealthiest have collectively pocketed $56.5 billion since the conflict started.

Even as Putin sits down for talks with Ukranian President Petro Poroshenk amongst Ukraine’s dissolved parliament, the Russian strongman and former KGB Colonel doesn’t seem to be drawing much flack in Russia for his bad behavior. His popularity has hit a near record of 86 per cent.