Russian billionaires lose $39bn in wealth barely 24 hours after Ukraine attack

Benchmark MOEX Russia Index closed 33% lower, the fifth-worst plunge in stock market history

A Ukrainian soldier walks past the shell of a burnt military vehicle, on a street in Kiev. AP

A screengrab from CCTV footage shows a missile hitting a residential building in Kiev. Reuters

A man inspects a broken window, after shelling carried out by Russian troops in the Ukrainian capital. Reuters

Ukrainian soldiers take positions outside a military centre as two cars burn on a street in Kiev. AP

Medical specialists transport a woman, who was wounded in the shelling of an apartment building, to an ambulance, as her husband looks on. Reuters

A woman outside her apartment building after it was damaged by a rocket, in Kiev. AP

A Ukrainian police officer detains a driver on a street in Kiev. AP

A soldier's helmet with a bullet hole on a street in the Ukrainian capital. AP

Ukrainian soldiers walk by a damaged vehicle, at the site of fighting with Russian troops, in Kiev. Reuters

Ukrainian policemen move parrots to safety after a high-rise apartment block was damaged by shelling in Kiev. EPA

A screengrab from a video shows rescue workers carrying a person at the site of a damaged multi-storey residential building, south-west of the Ukrainian capital. Reuters

A building damaged by shelling carried out by Russian troops in Kiev. EPA

Helga Tarasova comforts her daughter Kira Shapovalova as they wait in an underground shelter during a bombing alert in Kiev. AFP

A man walks past a building damaged by a rocket attack in the Ukrainian capital. AP

Emergency services workers near an apartment building damaged by shelling in Kiev. Reuters

Ukrainian soldiers collect unexploded shells in the capital. AFP

An apartment building damaged by shelling in Kiev. Reuters

Debris of a burnt military truck on a street in Kiev. AP

Natali Sevriukova stands next to her home after a rocket attack in Kiev, Ukraine. AP

People on foot and in cars move to cross from Ukraine to Poland at the Korczowa-Krakovets border crossing following the Russian invasion of Ukraine. AFP

Servicemen from the Ukrainian National Guard in central Kiev. Reuters

Ukrainian soldiers in downtown Kiev after Russian troops reached the outskirts of the capital. AP Photo

Police officers detain demonstrators in St. Petersburg, Russia. Hundreds of people gathered in Moscow and St. Petersburg on Thursday, protesting against Russia's attack on Ukraine. Similar protests took place in other Russian cities, and activists were also arrested. AP Photo

Hungarian troops in Vasarosnameny, close to the border with Ukraine, prepare to help refugees. AP Photo

Wrecked Russian army rocket launchers in Kharkiv, Ukraine. Reuters

The aftermath of a rocket attack in Kiev. AP Photo

A US Air Force jet refuels over Poland. Reuters

Devastation after shelling in Ukraine's Luhansk enclave. Reuters

The Royal Welsh Battlegroup from the UK makes its way to Estonia. Reuters

Firefighters tackle a blaze in a building in Kiev. AFP

The wreckage of an unidentified aircraft in a residential area in Kiev. Reuters

Smoke rises near the Ukrainian Defence Ministry in Kiev. Reuters

Russian military helicopters fly over the Ukrainian capital. AP

An anxious wait to board a train to leave Kiev as the attack loomed. AP Photo

Ukrainian servicemen on tanks in the Donetsk region, eastern Ukraine. AP Photo

Ukraine troops said this destroyed armoured vehicle outside Kharkiv belonged to the Russian army. Reuters

Rescuers at the crash site after a Ukraine armed forces Antonov aircraft was shot down in Kiev, according to the Ukrainian authorities. Reuters

Ukrainian tanks that aim to repel an attack by the Russian military in the Luhansk enclave of Ukraine. AFP

A Ukrainian State Border Guard Service base is ablaze after heavy shelling near Kiev. Reuters

Damaged radar at a Ukrainian military plant outside Mariupol. Officials in Kiev say Russian troops have rolled into the country from the north, east and south. AP Photo

Firefighters attend a blaze after bombing in the eastern Ukrainian town of Chuguiv, as Russian armed forces appeared to be bombarding Ukraine from several directions. AFP

A traffic jam in Kiev, with many Ukrainians leaving their capital after Russian troops entered. EPA

The Border Service of Ukraine released CCTV footage purporting to show Russian military vehicles passing a checkpoint to drive into Crimea. AP

A man picks up fragments of military materiel on the street after an apparent Russian strike in Kharkiv, Ukraine. AP

Workers load the debris of a rocket on to a lorry in the aftermath of Russian shelling in Kiev. AP

Emergency staff treat an injured man after bombing in Chuguiv. AFP

An American woman in distress after crossing the border to flee the violence in Ukraine, in Medyka, Poland. Reuters

People take shelter in a Kiev subway station, after Russian President Vladimir Putin authorised a military operation in eastern Ukraine. Reuters

People in a rush near Kiev-Pasazhyrskyi railway station in the Ukrainian capital. AFP

A Flightradar24.com screengrab shows a dearth of civilian aircraft in Ukrainian airspace after the Russian invasion. AP

The aftermath of bombing in Chuguiv. AFP

A Ukrainian rocket launcher vehicle prepares for action. Reuters

Cars are driven across a field to leave the city of Kharkiv. Reuters

People chant, carry placards and wave Ukrainian flags as they gather in Sydney, to demonstrate against Russian attacks on its neighbour. AP

People with many of their belongings packed take shelter in a Metro station in Kiev. AFP

Emergency services at the scene of an explosion at a military unit building in Kiev. EPA

A Kiev resident sweeps up debris after Russian shelling. AP

The first 40 soldiers of the 173rd US Army Airborne Brigade step off a military plane in Latvia. EPA

More damage from shelling in Kiev. AP

People wait at a bus station to travel to western parts of Ukraine, after violence in the east. Reuters

A woman carries her cats in a quest for a safe haven. AFP

Ukrainian President Volodymyr Zelenskyy holds an urgent government meeting in Kiev to discuss the next step. AFP

European Commission President Ursula von der Leyen and foreign policy chief Josep Borrell give a joint statement in Brussels, updating the press about the situation in Ukraine. EPA

People survey the damage after bombing in Chuguiv. AFP

A building on fire in Chuguiv. AFP

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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.”

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.