Russian billionaires are getting richer as Moscow reopens its stock exchange for the first time since the invasion of Ukraine
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- The Russian stock market reopened on Thursday, building the fortunes of tycoons with links to shares that resumed trading, Bloomberg reported.
- Trading resumed in 33 of the 50 stocks on the Moex index and 10 Russian tycoons have links to those reopened securities.
- The stock exchange was closed down after Russia invaded Ukraine in February.
Russia's stock market reopened Thursday, with the limited number of securities available to trade still allowing ultra-wealthy Russians to added billions of dollars to their collective wealth pots, Bloomberg reported.
Moscow's stock exchange had been closed since February 25, a day after Russia launched its war against Ukraine after months of amassing troops at the border.
Trading resumed in 33 of the 50 stocks that make up the Moex, the country's benchmark stock index. Russians with fortunes linked to those stocks collectively became richer by $8.3 billion, according to the Bloomberg Billionaires Index that tracks the wealthiest 500 people in the world.
The Moex rose as much as 12% during the four-hour session before paring the gain to 4.4%. The Russian government pledged to support the market with around $10 billion of state cash.
10 tycoons were linked to shares that resumed trading, and advances added to their paper gains, the report said. The fortunes of three tycoons – Vladimir Potanin, Russia's richest businessman and president of metals producer Norilsk Nickel; Leonid Mikhelson, chairman of natural gas producer Novatek; and oligarch Gennady Timchenko - increased by more than $1 billion each on Thursday.
Bloomberg reported Timchenko was among numerous Russian billionaires who've been sanctioned by the European Union and the UK stemming from Moscow's attack against Ukraine, while Potanin and Mikhelson haven't.
Strict limits on trading in Russia included the ban of foreigners selling equities until April 1 and a ban on short-selling, meaning investors weren't allowed to bet against stocks.