Live updates: follow the latest news on Russia-Ukraine
Russia’s wealthiest people were already feeling the squeeze from the escalating tension between their nation and Ukraine.
It got much worse for their net worth after Russian President Vladimir Putin’s decision to invade Ukraine. In less than 24 hours, they lost $39 billion — more than they had lost up to that point this year.
The damage was across asset classes. Russia’s benchmark MOEX Russia Index closed 33 per cent lower in Moscow, the fifth-worst plunge in stock market history in local currency terms.
It marked the first time since 1987’s Black Monday crash that a decline of that magnitude hit a market worth more than $50bn.
Meanwhile, the UBS Group triggered margin calls on some wealth management clients that use Russian bonds as collateral for their portfolios after cutting the lending value of some debt from the country to zero. The Swiss wealth manager says it caters to half of the world’s billionaires.
One of the worst security crises in Europe since the Second World War threatens to deepen market declines in the region, but especially in Russia, which has been hit with sanctions by the US and UK.
A handful of billionaires, including Gennady Timchenko, are also subject to penalties for their ties to Mr Putin, although there are calls to widen the list of potential targets.
“There are a lot of people in the US and Europe who want to hit them directly,” Chris Miller, co-director of the Russia and Eurasia programme at Tufts University’s Fletcher School, said of Russian billionaires. “I don’t think there’s any good news in the sanctions for them.”
There are a lot of people in the US and Europe who want to hit them [Russian billionaires] directly
Chris Miller,
co-director of the Russia and Eurasia programme at Tufts University’s Fletcher School
Lukoil chairman Vagit Alekperov suffered the sharpest decline, with his net worth slashed by about a third in a day, falling by about $6.2bn to $13bn, according to the Bloomberg Billionaires Index.
Shares of the Moscow-based oil producer slumped by about 33 per cent on Thursday.
Alexey Mordashov, chairman of steel maker Severstal, lost $4.2bn, bringing his fortune to $23bn.
Vladimir Potanin, president of Norilsk Nickel and currently Russia’s richest person, lost $3bn.
The Bio
Hometown: Bogota, Colombia
Favourite place to relax in UAE: the desert around Al Mleiha in Sharjah or the eastern mangroves in Abu Dhabi
The one book everyone should read: 100 Years of Solitude by Gabriel Garcia Marquez. It will make your mind fly
Favourite documentary: Chasing Coral by Jeff Orlowski. It's a good reality check about one of the most valued ecosystems for humanity
The five pillars of Islam
The five pillars of Islam
KILLING OF QASSEM SULEIMANI
The Light of the Moon
Director: Jessica M Thompson
Starring: Stephanie Beatriz, Michael Stahl-David
Three stars
Ain Issa camp:
- Established in 2016
- Houses 13,309 people, 2,092 families, 62 per cent children
- Of the adult population, 49 per cent men, 51 per cent women (not including foreigners annexe)
- Most from Deir Ezzor and Raqqa
- 950 foreigners linked to ISIS and their families
- NGO Blumont runs camp management for the UN
- One of the nine official (UN recognised) camps in the region
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Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
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Label: Warner Records
Number of tracks: 11
Rating: 4/5
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Mohammed bin Zayed Majlis
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The specs
BMW M8 Competition Coupe
Engine 4.4-litre twin-turbo V8
Power 625hp at 6,000rpm
Torque 750Nm from 1,800-5,800rpm
Gearbox Eight-speed paddleshift auto
Acceleration 0-100kph in 3.2 sec
Top speed 305kph
Fuel economy, combined 10.6L / 100km
Price from Dh700,000 (estimate)
On sale Jan/Feb 2020
How to help
Send “thenational” to the following numbers or call the hotline on: 0502955999
2289 – Dh10
2252 – Dh 50
6025 – Dh20
6027 – Dh 100
6026 – Dh 200
Electric scooters: some rules to remember
- Riders must be 14-years-old or over
- Wear a protective helmet
- Park the electric scooter in designated parking lots (if any)
- Do not leave electric scooter in locations that obstruct traffic or pedestrians
- Solo riders only, no passengers allowed
- Do not drive outside designated lanes
How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
Details
Through Her Lens: The stories behind the photography of Eva Sereny
Forewords by Jacqueline Bisset and Charlotte Rampling, ACC Art Books