Chelsea owner Roman Abramovich’s fortune has dropped by about £650million in just one day due to mounting tensions between Russia and Ukraine.
The multi-billionaire Russian tycoon, 55, has seen the value of his 28.6 per cent stake in steel group Evraz, fall sharply.
Investors fear sanctions will be imposed on Russian companies.
Shares in Evraz, which is listed on the London Stock Exchange, were down 129½p, or 29 per cent, at 315¼p.
Danni Hewson, a financial analyst at investment platform AJ Bell, said: “The new trading week has begun on a bad note across Europe and Asia.
“Investors fear the alarm clock is about to sound on a physical battle between Russia and Ukraine.”
The Russian oligarch bought Chelsea in 2003 and his £1.6billion stake in Evraz in 2006.
According to This Is Money, Abramovich is estimated to be worth £10billion and he owns the world’s second largest yacht, the 533ft Eclipse.
Polymetal, a Russian gold miner also saw its value slashed.
Stocks in the London-listed company fell 11 per cent to to £11.15 over the same period.
It came as Foreign Office Secretary Liz Truss threatened a raft of sanctions on Russian billionaires living in London.
The Foreign Secretary has an international package of penalties ready to go within days should Kremlin troops cross into Ukraine.
It means hundreds of wealthy Russians face being locked out of Britain.
She said: “It will be a cost to Russia if they invade Ukraine, in terms of the cost of a long-running war, but also the sanctions.”
They would be severe, she said, and target oligarchs and firms across Russia. – The Sun