Russian billionaires' wealth grows despite sanctions

Russian billionaires increased their wealth by 11% over the past year, to a record $696.5 billion, despite the war in Ukraine and the toughest Western sanctions ever imposed on a major economy, Reuters reports, according to Agerpres.

At the top of the list of the richest Russians, published by Forbes Russia, is Alexei Mordashov, CEO of investment firm Severgroup, with a fortune of $37 billion, an increase of $8.4 billion compared to last year's ranking.

Next are Vladimir Potanin, the head of Interros and metals producer Nornickel, with a fortune of $29.7 billion, Vagit Alekperov, the former head of Lukoil, with $29.5 billion, and Leonid Mikhelson, CEO of Novatek, and his family, with $28.3 billion, according to Forbes, the magazine that annually ranks the world's richest people.

The fortunes of Russia's richest people are all tied to the vast reserves of natural resources that the country has been exporting to global markets for decades, and their wealth has grown after trade disruptions have pushed up commodity prices, although Forbes notes that there are no new names at the top of the list.

Once considered some of the richest people on the planet, the fortunes of Russian billionaires, many of whom made their fortunes in the chaos of the collapse of the Soviet Union, are now far smaller than those of the heads of major American technology companies.

The Forbes global list is dominated by Elon Musk (head of the Tesla carmaker), with a fortune of $ 839 billion, and Google co-founder Larry Page, with $ 257 billion.

• Russia seeks a way to revive the economy

Top Russian officials have presented President Vladimir Putin with numerous proposals for economic recovery after the Moscow leader rebuked them for the country's sharpest decline in GDP in more than three years, Reuters reports, according to Agerpres.

The Russian economy, which contracted in 2022 but grew in 2023, 2024 and 2025, has beaten expectations and avoided a collapse after Western powers announced the heaviest sanctions ever imposed on a major economy following its invasion of Ukraine. But the strain of the Ukraine war and interest rates above 10% have slowed economic growth to just 1% last year.

Last week, Putin announced a 1.8% decline in the country's GDP in the first two months of this year.

At the start of a Kremlin meeting with Russia's top economic officials, Putin said that manufacturing, industrial production and construction had all fallen in the first two months of this year compared with the same period in 2025.

Putin said the economy's trajectory was below expectations and asked officials to present him with detailed options for remedying the situation.

Kremlin spokesman Dmitry Peskov recently said the economic situation had been discussed behind closed doors for several hours and there had been a free exchange of views.

"The government's economic ministers have made proposals to activate the economy and give it a boost,” Peskov told reporters, without elaborating.

Participants included Prime Minister Mikhail Mishustin, Deputy Head of the Presidential Cabinet Maxim Oreshkin, First Deputy Prime Minister Denis Manturov, Deputy Prime Minister Alexander Novak, Central Bank Governor Elvira Nabiullina, and PSB Bank CEO Pyotr Fradkov.

Russia's economy contracted by 1.4% in 2022, but grew by 4.1% in 2023 and 4.9% in 2024. Last year, Russia's GDP grew by just 1%, and Moscow's official forecast for this year points to an expansion of 1.3%.

While there are significant concerns in Moscow about a slowdown in the economy ahead of the Iran war, the largest energy supply crisis in history is likely to support growth in Russia's oil-exporting economy.

The IMF recently upgraded its forecast for Russia's GDP growth this year to 1.1%, from a previously forecast 0.8%, due to higher oil and other commodity prices as a result of the Middle East crisis.