Russian Billionaires Lose $39 Billion in a Day on Ukraine Attack

Business Maverick: Russian Billionaires Lose $39 Billion in a Day on Ukraine Attack

Read more: Russian Stocks’ 33% Crash Is Fifth-Worst in Market History UBS Group AG, meantime, 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, people with knowledge of the matter told Bloomberg News.

 

Per the above article: Russian Billionaires Lose $39 Billion in a Day on Ukraine Attack

In less than 24 hours, Russian Billionaires lost $39 billion — more than they had up to that point this year.The damage was across asset classes. Russia’s benchmark MOEX Russia Index closed 33% 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 $50 billion.

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