Russia’s richest men, some of whom have close ties to President Vladimir Putin, have gained $29 billion since the election of Donald Trump, thanks to the rising value of Russian stocks and currency, Forbes reported.
Among the biggest beneficiaries: Gennady Timchenko, who was a primary target of 2014 U.S. government sanctions aimed at Putin’s inner circle. Shares of publicly traded natural gas producer Novatek are up 16% since the election, enough to boost the value of Timchenko’s estimated 23% stake by $1.8 billion. The Russian businessman sold his 43% stake in the oil trading firm Gunvor, which he cofounded, one day before the U.S. Treasury Department leveled sanctions against him in March 2014. U.S. officials alleged that Putin was invested in the firm and may have had access to its funds. Today much of Timchenko’s $15.1 billion fortune is privately held and therefore more difficult to track on a daily basis than his shares of Novatek.
Russia’s richest man, Leonid Mikhelson, added more to his fortune than anyone else. Also an investor in Novatek, Mikhelson has gained an estimated $1.9 billion since the U.S. election, boosting his net worth to $18.2 billion.
Altogether, Russia’s billionaires have added an estimated $29 billion since Trump’s election, more than the combined gains of billionaires in any country besides the United States. Forbes counts more than six times as many American billionaires as Russian billionaires. While the Americans have boosted their net worth by an average of 2.8% since the election, the richest Russians have increased their fortunes by an average of 7.1%.
Steel magnates Alexey Mordashov and Vladimir Lisin were other big gainers, adding $1.6 billion and $1.4 billion, respectively, since the election. Roughly $830 million of Lisin’s gain came within three days of Trump’s victory.
Azerbaijani-born Russian billionaire, president of Lukoil Vahid ALekberov gained $1.8 billion after Trump won the elections. Lukoil’s shares went up 8% since OPEC deal on oil output cut. Lukoil’s shares totally went up 59% in 2016.
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