Vladimir Lisin, chairman and largest shareholder of Novolipetsk Steel, has lost $3.9 billion from his net worth. Alisher Usmanov, who is Russia’s richest man and has interests in technology and iron ore, has lost $3.4 billion.
Russia’s economy has faltered after the United States and its European allies imposed economic sanctions to isolate President Vladimir Putin and pressure him to end the Russian presence in Ukraine.
“The flood of money out of Russia in the last several months has been astonishing, and I hope it continues,” former U.S. Secretary of State Hillary Clinton said April 8 in San Francisco. “That is the best way to undermine the oligarchs who support him, undermine his own economic interests.”
Economic sanctions on Russia amount to “the revival of the Cold War mentality,” Sergei Kislyak, Russia’s ambassador to the U.S., said yesterday on “Fox News Sunday.”
“But it’s Russia,” he said. “It’s a very solid state, well-to-do, a well-developing country. We can withstand pressures.”
A clash early yesterday in eastern Ukraine that killed at least three people “adds to skepticism about whether Ukraine, the U.S. and the European Union will be able to use an April 17 Geneva accord” to hold Putin “accountable for easing tensions that the Russian president says he’s had no role in creating,” Bloomberg’s Kateryna Choursina and David Lerman reported. The Geneva pact called on illegal groups in Ukraine to disarm.
Earlier this month, before the Geneva accord, officials from the U.S. Treasury Department and the National Security Council told mutual-fund and hedge-fund managers that the Obama administration was planning additional sanctions against Russia, Bloomberg’s Christopher Condon and Elisa Martinuzzi reported.