Russian billionaires have made astonishing gains in their fortunes despite Western sanctions over Vladimir Putin’s war against Ukraine.
The soaring wealth comes despite the aim of sanctions being to hit tycoons seen as close to the dictator.
The media in Ukraine has highlighted the ‘never had it so good’ rise in oligarch money during 2023.
‘The wealth of Russia’s richest oligarchs increased by $38.575 billion [£30.37 billion] in 2023,’ reported Economicheskaya Pravda [Economic Truth].
The evidence is based on the Bloomberg Billionaires Index.
RBC Ukraine media commented: ‘Sanctions have no effect? Most oligarchs from the Russian Federation increased their fortunes in the past year.’
Boris Johnson – then Britain’s prime minister – promised in February 2022 that ‘in concert with our allies, we will agree a massive package of economic sanctions designed in time to hobble the Russian economy’.
Yet the wealthiest Russians are anything but hobbled. ‘They are laughing all the way to the bank,’ stated one comment.
Examples include Putin-linked oligarch Vladimir Potanin, 62, a nickel magnate sanctioned by Britain who has seen his £24.2 billion fortune soar by £1.7 billion since the beginning of the year.
62-year-old nickel magnate Vladimir Potanin is pictured with his estranged wife who is aiming to launch a mammoth divorce settlement case in London
Putin-linked oligarch Vladimir Potanin has seen his £24.2 billion fortune soar by £1.7 billion since the beginning of the year. He is currently challenging court ruling that allowed his wife to launch massive divorce settlement proceedings in the UK
Russian oligarch Vagit Alekperov (R) – 62nd place on the Bloomberg Billionaires Index- pictured with Russian President Vladimir Putin (L)
Russian steel magnate and ‘laird’ Vladimir Lisin, 67, famous for buying a sprawling Scottish estate in Perthshire and sanctioned by , now has a fortune of £18.03 billion – a rise of £2.42 billion
Russian oligarch Alisher Usmanov (R) – 82nd place on the Bloomberg Billionaires Index, pictured with Vladimir Putin (L)
He has gone to the UK’s supreme court to challenge a ruling allowing ex-wife Natalia, 62, to launch a multi-billion divorce settlement case in London, in what could become the highest in English legal history.
Major shareholder of the Russian gas company Novatek, Leonid Mikhelson, 68, has registered a £2.13 billion jump in his wealth which now stands at £21.5 billion.
Lukoil founder Vagit Alekperov, 73, has seen a £7.2 billion rise, taking his fortune to £19.3 billion since the start of the year despite sanctions by the UK and .
This comes as Lukoil saw the mysterious deaths of four senior-level figures linked to the company during the war.
Among them were Vladimir Nekrasov, 66, chairman of the Lukoil board of directors, who died ‘suddenly’ last month, and tycoon Ravil Maganov, 67, who fell from a window of Moscow’s elite Central Clinical Hospital, also known as the Kremlin clinic, in September last year.
Russian steel magnate and ‘laird’ Vladimir Lisin, 67, famous for buying a sprawling Scottish estate in Perthshire and sanctioned by , now has a fortune of £18.03 billion – a rise of £2.42 billion.
Former Arsenal shareholder Alisher Usmanov, 70, the world’s 82nd richest man, whose company also had ties to Everton, saw his fortune leap to £15.98 billion, a rise of £1.47 billion.
Now living in his native Uzbekistan despite close Kremlin links, he made his wealth in mining, metals and mobile phones.
He has been sanctioned by the UK, US and EU.
Steel and mining mogul Alexey Mordashov, 58, who attended Northumbria University in Britain, saw a £486 million jump in his fortune to £15.2 billion.
He, too, was sanctioned by the UK, US and EU.
All of the above oligarchs are included on the list of the hundred most wealthy tycoons in the world.
Former Arsenal shareholder Alisher Usmanov, 70, the world’s 82nd richest man, whose company also had ties to Everton, saw his fortune leap to £15.98 billion, a rise of £1.47 billion
Russian oligarch Vladimir Lisin (L) – 72nd place on the Bloomberg Billionaires Index, pictured with Vladimir Putin (R)
Russian oligarch and former Chelsea owner Roman Abramovich – 293rd place on the Bloomberg Billionaires Index
Russian oligarch Gennady Timchenko (R), 133rd on Bloomberg Billionaires Index, pictured with Vladimir Putin (R)
Roman Abramovich – formerly Chelsea owner and now, aged 57, the 293rd richest person in the world – is listed with a £7.95 billion fortune.
This suggests an increase of £104 million for the UK-sanctioned tycoon last year when several superrich Russians took a hit after the launch of the war.
Other Russian billionaires to see their fortunes rise during Putin’s brutal conflict include fertiliser and coal tycoon Andrey Melnichenko, 51, whose wealth rose £3.17 billion to £13.54 billion.
Metals and investment mogul Mikhail Prokhorov, 58, sanctioned by Ukraine, saw a £1.42 billion rise in his fortune, making him worth £11.8 billion.
Uber-Putin-friendly Gennady Timchenko, 71, has seen a rise in his wealth by £2.11 billion to £11.4 billion despite sanctions by the UK, US and EU, and banking billionaire Mikhail Fridman, 59, is £513 million better off this year, according to the figures.
This takes his wealth to £9.44 billion despite US sanctions.
Fertiliser mogul and investor Dmitry Rybolovlev, 57, now has a fortune of £8.74 billion, a rise so far this year of £513 million.
Some 25 Russians remain in the top 500 richest people.