US Sanctions Cause Richest Russians to Lose $12 Billion in a Day

US Sanctions Cause Richest Russians to Lose $12 Billion in a Day

US Sanctions Cause Richest Russians to Lose $12 Billion in a Day

His company Rusal was hit hard on the markets after he was named on the USA sanctions blacklist. This reportedly cost its largest shareholder Vladimir Potanin around $1.3 billion, even though he was not among the 26 people and 15 companies blacklisted on April 6 by the USA authorities in response to the diplomatic fallout of the Sergei Skripal poisoning.

Oleg Deripaska attends an agreement signing ceremony with the Krasnoyarsk region's government, in Moscow, Russia December 12, 2017.

The overall wealth of 50 richest Russians decreased by around $12 billion after the stock market decline due to the sanctions imposed by the us, as Russian Forbes reported.

Aluminium giant Rusal's share price dropped as much as 50 per cent to HK$2.70 on Hong Kong's Hang Seng index after its Moscow-listed shares fell 16 per cent on Friday.

The sanctions are created to stop Mr Deripaska and associated companies from doing business in U.S. dollars and cut him off from any dealings with United States citizens.

The US said it imposed the latest sanctions because of Russian activity in Ukraine, its support of President Bashar al-Assad in Syria's civil war and for subverting Western democracies.

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Rusal produces nearly 6 per cent of the world's aluminium. By making it virtually impossible for Deripaska's businesses to trade in USA dollars, the measures threaten the empire of one of Putin's closest allies.

EN+, the aluminium to hydropower firm controlled by Mr Deripaska, dived by 25% in London. Polymetal, a Russian miner listed in London, was the biggest FTSE 250 faller, down 18%.

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"The US list may not be the final list and it feels like there will be more sanctions, so investors do not know which, if any, stocks to hold", said John Meyer, mining analyst at SP Angel. "This is an outrageous business from the point of view of illegality, from the point of view of flouting all the norms, and of course careful analysis is needed here", said spokesman Dmitry Peskov.

"The company's initial assessment is that it is highly likely that the impact may be materially adverse to the business and prospects of the group", the company said.

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