Russian oligarchs lose $11bn in just 10 trading days due to weak rouble and rising oil prices

Russian oligarchs have lost an estimated $11bn (£7.6bn) in just 10 trading days since the turn of the year as oil prices slip and the rouble weakens. The nation is home to some of the richest men on the planet but as the oil price tumbles to below $30 a barrel and the Russian economy weakens, the super rich have seen an eye-watering amount of money wiped from their coffers.

Those who have seen the highest losses since Christmas include Chelsea owner Roman Abramovich, who made billions from the sale of oil giant Sibneft, lost around $820m (£575m) while steel magnate Alisher Usmanov, who owns a third of Arsenal, is estimated to have lost $910m (£638m) since the start of the year.

Once-steady Russian sectors of steel and mining have been sold-off quickly while the Russian rouble has seen a staggering drop in value. According to the Daily Telegraph the 13 richest Russians who are worth around $130bn, have lost as much as $11.1bn since the start of the year.

The rouble has been dipping in value since 2014, initially because of two main factors: the sanctions that have stopped Western goods entering the Russian consumer markets due to the Ukraine conflict and the falling oil price, which has left Russia's energy industry in dire financial straits.

The Russian rouble has more than halved against the pound since early 2014. This has given rise to problems for Russia's super rich. On paper they have vast amounts of wealth in the form of assets such as houses and yachts but these tend to be expensive to maintain and offer little yield.

The newspaper added that Vladimir Potanin, who owns stakes in multiple mining companies, has seen losses of up to $1.3bn and his net worth has fallen to $13.3bn. While another oligarch Leonid Mikhelson, the chief executive of gas giant Novatek, saw $1.5bn wiped off his holdings, lowering his net worth to $11.5bn.