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 'Very scared': Russian billionaires watch their fortunes fall

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RR Phantom

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'Very scared': Russian billionaires watch their fortunes fall Vide
PostSubject: 'Very scared': Russian billionaires watch their fortunes fall   'Very scared': Russian billionaires watch their fortunes fall Icon_minitimeMon Mar 17, 2014 11:56 pm
Alexander Lebedev is concerned.

'Very scared': Russian billionaires watch their fortunes fall Art-alexanderlebedev-620x349

"Russian businessmen are very scared," the 54-year-old former billionaire, who served in the Soviet embassy in London during the Cold War and owns Russia's National Reserve Corp., said by phone. "There are risks to the Russian economy. There could be margin calls, reserves might be drawn down, exchange rates may fall and prices will rise. This worries me."

Billionaires in Russia and Ukraine risk further losses as market volatility and the threat of Iran-style economic sanctions intensify following Russia's incursion into Crimea. Since February 28, the day unidentified soldiers took control of Simferopol Airport in southern Ukraine, Russia's 19 richest people have lost $US18.3 billion ($20.3 billion), according to the Bloomberg Billionaires Index, a daily ranking of the world's 300 richest wealthiest people.


"The instability caused by the situation in Crimea could be a problem for the oligarchs," Yulia Bushueva, who helps manage $US500 million at Arbat Capital in Moscow, said in a telephone interview. "If a billionaire pledged their stakes in publicly traded companies as collateral for a line of credit, they could face margin calls and have to re-negotiate with banks."

Read more: http://www.smh.com.au/business/world-business/very-scared-russian-billionaires-watch-their-fortunes-fall-20140317-34w9z.html#ixzz2wHcTbVg0
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