On the first day of the Russia invasion of Ukraine, Russian billionaires lose about $40 billion.

As tensions between Russia and Ukraine escalated, Russian billionaires were already feeling the pinch. Their net worth plunged after Russian President Vladimir Putin decided to attack Ukraine. In less than 24 hours, they lost approximately $40 billion.

According to financial analysts, the current Ukrainian situation is one of Europe’s most catastrophic security crises since World War II, with the unfolding events threatening to intensify market crashes across the region, particularly in Russia, as a result of US and UK sanctions.

As a result of their ties to Putin, some billionaires, including Gennady Timchenko, are facing sanctions.

According to Bloomberg’s Billionaires Index, Vagit Alekperov, the head of Lukoil, had his fortune drop by more than a third in a single day, from $6.2 billion to $13 billion.

After losing $4.2 billion on Thursday, Alexey Mordashov’s net worth now stands at $23 billion.

Vladimir Potanin, Russia’s richest man, has lost $3 billion in the last year.

This year, the combined fortunes of Russian billionaires Alekperov. Then, and Timchenko have tumbled by about $10 billion, a loss of more than 40%.

In Moscow, Russia’s benchmark MOEX Russia Index dropped 33%, the fifth-worst decline in stock market history. It was the first time since the 1987 Black Monday crisis that a market worth more than $50 billion had experienced such a large decline.

Despite the fact that crypto has long been marketed as an asset uncorrelated with regular financial markets. The crypto market is reacting in lockstep with stock markets in response to news of Russia’s invasion of Ukraine. Bitcoin and Ethereum are both high-risk investments, with prices that fluctuate like stocks.

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