Forbes reports that the variety of Russian entrepreneurs has increased to over half a trillion funds.

Written by Guy Faulconbridge

According to Forbes Russia, Russia’s’s richest consumers added$ 152 billion to their wealth over the past years, buoyed by higher natural resource prices and recovering from the significant financial setbacks they suffered shortly after the Ukraine War started.

According to Forbes’ Russian edition, which stated that their total wealth increased to$ 505 billion from$ 353 billion when the 2022 list was announced, Russia now has 110 official billionaires, up 22 from last year.

If five businessmen, including Yuri Milner, the founder of DST Global, Nikolay Storonsky of Revolut, Timur Turlov of Freedom Finance, and Sergei Dmitriev and Valentin Kipyatkov of JetBrains, had never renounced their Soviet membership, Forbes claimed that the list would have been longer.

Forbes added that the total income of Russia’s’s businessmen was$ 606 billion in 2021, just before the war started, and that” apocalyptic predictions about the Russian business” also had an impact on the ranking results from last year.

In an effort to punish President Vladimir Putin for the war, the West imposed what it views as the harshest punishment in modern background on Russia’s’s market and some of its wealthiest citizens on February 24 of last year.

Putin claimed that the West was attempting to destroy Russia and has frequently criticized Western sanctions for failing to harm the Russian economy or possibly prevent the importation of European luxury goods, let alone their essential components.

Under the pressure of Western sanctions, Russia’s’s economy shrank 2.1 % in 2022, but it was still able to export oil, metals, and other natural resources to international markets, particularly to China, India and the Middle East.

The International Monetary Fund said it anticipated labor shortages and the exodus of Western companies to harm the nation’s’s economy and increased its forecast for Russian growth in 2023 to 0.7 % from 0.3 % this month. However, it reduced its projection for 2024 to 1.3 % from 2.1 %.

Urals oil, the foundation of the Russian economy, was valued at$ 76.09 per barrel on average in 2022, an increase from$ 69 in that year. Next year, fertilizer costs were also very high.

Forbes named Andrei Melnichenko, a billionaire in fertilizer business, as Russia’s’s richest man, with an estimated net worth of$ 25.2 billion — more than twice what was predicted for him last year. Melnichenko could not be reached for comment on the Forbes standing right away.

With a lot of$ 23.7 billion, Vladimir Potanin, leader and largest shareholder of Nornickel, the largest producer of metal and delicate copper in the world, was ranked second richest in Russia. Potanin’s’s response to the Forbes standing was not immediately available.

With a fortune of$ 22.1 billion, Vladimir Lisin, who oversees the steelmaker NLMK and was named Russia’s’s richest man last year, was ranked third in the Forbes Russia list. For commentary on the Forbes rating, Lisin could not be reached right away.

Most Russian billionaires viewed Western sanctions as a cumbersome and sometimes racist tool.

A large collection of plutocrats known as the oligarchs persuaded the slow President Boris Yeltsin’s’s Kremlin to give them control over some of the largest oil and metal companies in the world while the Soviet Union was falling apart.

The privatization agreements frequently propelled the tycoons into the elite group of the world’s’s super wealthy, earning them the long-standing resentment of millions of destitute Russians.

However, some of the main elites, including Mikhail Khodorkovsky and Boris Berezovsky, lost their assets under Putin, and as a result, they eventually came under the control of state organizations that were frequently run by former spies.

Billionaires who made their fortunes in snacks, supermarkets, chemicals, tower, and pharmaceuticals are among the new Russian names on the Forbes number, demonstrating that Russian private consumption has remained strong despite sanctions.

( Editing by Frances Kerry, reporting by Guy Faulconbridge )

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