Russia’s Oleg Tinkov loses billionaire status as net worth sheds $5 billion

One of Russia’s richest billionaires, Oleg Tinkov has lost his billionaire status, after losing $5 billion amidst the Russia-Ukraine war, bringing his net worth to $850 million.

The loss is greatly attributed to Russia’s invasion of Ukraine which has attracted economic sanctions on Russia from all over the world, from not just countries but multinational technology companies and social network services.

Owing to Russia’s growing sanctions by the West, the Russian Ruble is at a record low against the dollar. The former billionaire went from selling beer and dumplings to making a mark with his own digital bank, Tinkov on the London Stock Exchange, only to see it drop drastically as a result of the war.

Read: EU freezes billionaire Alisher Usmanov’s accounts over Ukraine invasion

• Some other Russian billionaires have been affected and have seen their net worth take a hit. Billionaires like Arkady Volozh, CEO and founder of Russian search engine Yandex lost $5 billion. Shares of Lukoil, Russia’s largest independent oil producer founded by billionaire, Vagit Alekperov, have also plunged almost 93%, shedding the billionaire of a significant portion of his fortune.
• However, according to Forbes, all is not lost for the former billionaire. Despite his drastically shrunk fortunes, he still owns the La Dacha collection, luxury villas in Baja California, ski chalets in the French Alps, and a Dassault Falcon 7X.
• Although, he and other Russian oligarchs and billionaires would not be able to take their private jets on trips as all Russian aircraft are now banned from British and European airspace.

Read: World’s richest billionaire, Elon Musk has lost over $48 billion since the start of 2022

Tinkov speaks against the war

The former billionaire has however spoken out, condemning the invasion on Ukraine by Russia. He posted a message on Instagram criticising Russia’s invasion, which has also been condemned by the international community.

“In Ukraine, innocent people are dying every day, this is unthinkable and unacceptable. [Governments] should spend money on treating people, on research to defeat cancer, and not on war. We are against this war!” he wrote.