Sanctioned Oligarch loses $1.1 billion

The net worth of Oleg Deripaska, one of the oligarchs targeted by Friday’s U.S. sanctions, fell by US$1.1 billion, Bloomberg reported Monday.

Deripaska Oleg (Photo: Reuters/ Ruben Sprich)Deripaska Oleg (Photo: Reuters/ Ruben Sprich)In the past year, Deripaska has lost overall more than $2 billion – more than any other Russian billionaire, according to the Bloomberg Billionaires Index.

The Department of Treasury press release stated that Deripaska has been under investigation for money laundering, threatening the lives of business rivals, illegally wiretapping a government official, extortion and racketeering.

Deripaska was also a one-time business partner of Paul Manafort, the former campaign manager of President Trump who has been indicted as part of Robert Mueller’s investigation into Russia’s interference with the 2016 elections.

The sanctions are part of a retaliation against Russia for meddling in the elections, according to Bloomberg.

“The Russian government operates for the disproportionate benefit of oligarchs and government elites,” said Treasury Secretary Steven T. Mnuchin.