Russian Billionaires cash in their toys as slump grips Russia

Russian Billionaires cash in their toys as slump grips Russia

(Source Independent.ie)
Russian oligarchs are having to sell off yachts, private jets and holiday homes to raise cash as they finally feel the squeeze from the worldwide recession.
The country's billionaires have lost more than €176bn between them since Russia's stock markets began to nosedive last summer, with Oleg Deripaska and Roman Abramovich among the worst hit.
Mr Abramovich, owner of Chelsea FC, has had a reported €15bn wiped off the value of his shareholdings, while Mr Deripaska, Russia's richest man, has lost €11.7bn, according to the financial news service Bloomberg.
Despite many oligarchs claiming they have only suffered "paper losses" there are growing signs that the credit crunch is hitting their personal wealth.
Sergei Polonsky, the head of Russian real estate giant Mirax Group, has announced he is selling his yacht, a grand home on the Cote d'Azur and a hotel in Turkey.
Mr Polonsky, who had a fortune of €768m before the collapse in Russian stocks, said he made the decision after "having realised how important it is for business to be responsible and understanding that it is necessary to transfer foreign funds to Russia".