Roman Abramovich has seen his fortune fall by up to £650m in a single day, with investors fearing his investments could be impacted by the situation between Russia and Ukraine.
Abramovich has a huge shareholding in Evraz, a mining company listed on the London Stock Exchange, and their share price has fallen of late amid concerns about tensions between Russia and Ukraine.
The Chelsea owner is among the richest owners in the Premier League, according to the 2021 Forbes billionaire’s list, with a fortune worth up to £10bn.
But, with concerns about the potential for sanctions to be placed on Russian companies in the light of the developments, Evraz shares have fallen sharply with Abramovich – the company’s largest single shareholder – highly impacted.
War between Russia and Ukraine is believed to look imminent, despite diplomatic efforts from the United Kingdom and United States, with Brits in Ukraine told to leave the country.
Citing Danni Hewson, a financial analyst at AJ Bell, The Sun has acknowledged the impact on the market of the situation.
“Investors fear the alarm clock is about to sound on a physical battle between Russia and Ukraine,” Hewson said.
Over the weekend, This Is Money reported that Abramovich’s stake in Evraz had fallen by £500m in only three weeks, down to £1.86bn, and concerns remain as the situation between Russia and Ukraine is still uncertain.
“Clearly concerns are mounting about Russia’s intentions over Ukraine. War seems ever closer – does the West have enough backbone to stand up to [Vladimir] Putin?” Markets.com analyst Neil Wilson wrote on Monday.
“[Joe] Biden’s disastrous Afghan debacle has emboldened Russia to move…but will it? The West can turn a march into Kiev into an open sore for Russia for years to come.
“Is it really the situation on the Russian border with Ukraine driving the risk-off mood? I’d say it’s got something to do with it – the market took a leg lower on Friday as the White House warned of a full-scale invasion.”
Abramovich has seen his net worth rise since the publication of Forbes’ most recent billionaires list, with his fortune reported as £12.9bn despite the recent drop.
His shareholding in Evraz, which sits at around 29%, is only one of a couple of investments held by the 55-year-old.
