After Russian government’s decision, billionaires lost their fortune


June 24, Fineko/ Severstal, NLMK and Norilsk Nickel fell in cost by a total of 332 bn rubles in half an hour after the government announced its decision to introduce export duties on ferrous and non-ferrous metals.

ABC.AZ reports, referring to the sharp increase in the cost of metal on the domestic market and the "superprofits" that metallurgists receive from exporting products abroad, the Cabinet Ministers imposed a levy on the export of copper, nickel, aluminum, as well as all types of rolled products and ferroalloys.

These measures will bring 160 bn rubles to the budget in the period from 1 August to 31 December, for which duties are introduced.

After the decision, Severstal's shares fell by 5.8% on the Moscow Stock Exchange and 73 billion rubles were written off from the company's capitalization.

According to Forbes, the owner of 76% of Severstal, the richest man in Russia, Alexey Mordashov, with a fortune of $29.1 bn, has become impoverished by 55.5 bn rubles, or $760 million.