Sanctions-hit Russian tycoons may have lost $7.5 billion
13 Apr 2018

Three Russian tycoons targeted by a new list of U.S. sanctions may have lost a combined $7.5 billion since the list was announced, according to Reuters calculations based on price moves in the listed companies the three co-own.

The U.S. Treasury on April 6 announced sanctions on seven Russian oligarchs and 12 companies they own or control, saying they were profiting from a Russian state engaged in “malign activities” around the world.

The news hit Russian markets, denting the rouble and sending shares in four publicly listed companies with links to those sanctioned plummeting both in Russia and elsewhere: Rusal (0486.HK), EN+ Group (ENPLq.L), GAZ group (GAZA.MM) and Polyus (PLZL.MM).

Of the seven oligarchs, three have links to publicly listed companies: Oleg Deripaska, Viktor Vekselberg and Suleiman Kerimov.

In U.S. dollar terms, Deripaska may have lost $4.56 billion in four trading days, Vekselberg could have lost $1.32 billion, and Kerimov appeared to have lost $1.58 billion, Reuters’ calculations showed.

(For a graphic on ‘Russian tycoons take a hit from U.S. sanctions’ click

Reuters calculated the change in capitalization of the four publicly traded companies they are linked to from just before the sanctions announcement up to the close of trade on Wednesday. It then adjusted the figures based on the stakes the three own in the firms and used the central bank’s exchange rate set for April 11.

– By Andrey Ostroukh, Polina Devitt, Ritvik Carvalho, Anastasia Lyrchikova and Gleb Stolyarov.

Link here to Reuters article

Read more:

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