The Russian economy is struggling to cope with uncertainty

MOSCOW: The Russian economy has been struggling for months now but things started getting out of control when the ruoble lost around 19% of its value yesterday in 24 hours, the worst single-day drop for the ruoble in 16 years.

A combination of cheaper oil prices and sanctions have hit the rouble and the Russian economy the hardest.

The drastic free fall in the value of rouble despite a 6.5 percentage point rise in Russian interest rates to 17% forced the Russia’s Finance Ministry to intervene in the market.

The Finance Ministry reported spending around $2bn on Monday in an attempt to stop the rouble falling.

One of the early victims of the falling rouble is the technology giant Apple, which stopped the sale of its product online a day after the rouble went into a free fall stating that the rouble’s value is too volatile for it to set prices.

The falling oil prices and increasing economic sanctions from the West are set to make the Russian economy shrink further next year.

The impact of falling rouble has cost 15 Russian tycoons lose a total of $8.65 billion over a 48 hour period. A list compiled by Vanity Fair presented below shows the losses suffered by some of the leading businessmen in Russia:

1. Alisher Usmanov – $809 million lost (new net worth: $13.4 billion).
2. Viktor Vekselberg – $491 million lost (new net worth: $13.6 billion).
3. Roman Abramovich – $449.5 million lost (new net worth: $12.8 billion).
4. Mikhail Fridman – $417.2 million lost (new net worth: $12.4 billion).
5. Vladimir Potanin – $183 million gained (new net worth: $12 billion).
6. Alexey Mordashov – $996.7 million lost (new net worth: $10.6 billion).
7. Mikhail Prokhorov – $411.1 million lost (new net worth: $10.4 billion).
8. Dmitry Rybolovlev – $150.1 million lost (new net worth: $9.8 billion).
9. Leonid Mikhelson – $389 million lost (new net worth: $9.2 billion).
10. Andrey Melnichenko – $50.9 gained (new net worth: $8.9 billion).
11. Sergey Galitskiy – $1.46 billion lost (new net worth: $8.1 billion).
12. German Khan – $333.2 million lost (new net worth: $8.4 billion).
13. Oleg Deripaska – $666.5 million lost (new net worth: $7.5 billion).
14. Vladimir Lisin – $848.1 million lost (new net worth: $7 billion).
15. Vagit Alekperov – $1.7 million lost (new net worth: $6.7 billion).