Russia’s richest individuals paid a steep price on Thursday after Russian President Vladimir Putin disregarded international warnings and proceeded with a full-fledged invasion of Ukraine.

Russian billionaires lost a joined $39 billion in on-paper net worth after the nation’s financial exchange cratered in light of the intrusion. Moscow’s benchmark MOEX Russia Index shut 33% lower on Thursday – checking one of the most awful single-day market slumps in the nation’s set of experiences.

Vagit Alekperov, the extremely rich person oligarch and chairman of Russian energy giant Lukoil, was hit hardest. He lost almost 33% of his on-paper fortune when his total assets declined more than $6 billion during Russia’s economic turmoil, as indicated by the Bloomberg Billionaires Index.

Vladimir Potanin, Russia’s richest individual and a close associate of Putin, lost an expected $3 billion during the defeat. Alexey Mordashov, executive of the Russian steel firm Severstal, lost more than $4 billion.

Gennady Timchenko, who was focused on with individual authorizations during late US and European economic actions against Russia, lost $3.7 billion.

Russian stocks made a muted recovery in exchanging Friday, climbing over 10%. Yet, the Russian economy is relied upon to be under extreme strain in the months ahead as the US and European partners execute huge economic sanctions.

President Biden declared sanctions focusing on Russian banks and state-supported organizations not long after the Kremlin requested the attack. The Biden organization likewise carried out what it depicted as “full blocking sanctions” on Russian elites.

“This action incorporates people who have advanced themselves to the detriment of the Russian state, and have raised their relatives into the absolute most elevated places of abilities in the country,” the White House said in a statement.

Up until this point, the US isn’t pushing for Russia to be removed from the SWIFT international banking system – a move that is generally viewed as a “nuclear option” as far as economic penalties.

Nonetheless, Biden noticed a SWIFT boycott is “consistently a choice” later on assuming Russia keeps up with its current course. The president additionally showed the chance of future sanctions targeting Putin himself.