Minus $ 100 billion: Putin finally destroys the Russian economy

Elena Kovalenko10:24, 12/30/22

The richest Russians lost $47 billion during 2022, and by the end of the year, losses approached $100 billion.

From the first day of the Russian attack on Ukraine, Russian oligarchs have been losing money / photo REUTERS
From the first day of the Russian attack on Ukraine, Russian oligarchs have been losing money / photo REUTERS

A full-scale Russian invasion of Ukraine has been reducing the assets of Russian oligarchs since the first day of the war .

On February 24, the day of Russia’s full-scale invasion of Ukraine, Russia’s richest people lost a combined $46.6 billion, according to Bloomberg .

According to the material, the imposed sanctions have contributed to their assets being blocked in Western countries, superyachts under arrest, and London’s ultra-luxury real estate market is preparing to slow down. The richest Russians lost an additional $47 billion during 2022, with the losses close to $100 billion by the end of the year.

The war in Ukraine and the collapse of the Russian economy:

Following Russia’s invasion of Ukraine, S&P downgraded Russia’s credit rating from BB+ to CCC-. On March 8, 2022, S&P  downgraded the credit ratings  of 52 Russian companies. Russia defaulted on its external debt by offering bondholders payments in rubles instead of dollars.

On April 23, 2022, the  terms for the complete default of  Russia were announced. On June 27, 2022, Russia defaulted on sovereign debt for the first time in a hundred years  .

On June 30, Gazprom’s shares began to  plummet . On the same day, following Gazprom,  the shares of  the largest Russian companies began to fall . The war in Ukraine set back the Russian economy  by four years in just one quarter  . The invasion caused one of the longest recessions in the history of the Russian Federation.

On August 24, Reuters reported that Russia managed to avoid  an economic crisis  due to oil prices.

As of August 31, 80% of Russians  were left without savings .

On September 29, The Insider published an article stating that Russia is on the verge of a complete  depletion of financial reserves .

At the end of September,  Russia’s revenues from oil exports  fell to $15.3 billion, which is the lowest figure this year, against the backdrop of falling oil exports and oil prices.

On December 5, 2022,  EU oil sanctions against Russia came into force . 

On December 19, 2022, Russian stocks showed  the largest annual drop in the world .

On December 21, 2022, Roscosmos recognized record losses .

(C)UNIAN 2022

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