Russian Billionaire Loses 80 Percent of His Wealth

Russian billionaire, Lukoil vice president and chairman of Spartak football club's board, Leonid Fedun, has lost up to 80 percent of his fortune, according to Match TV, citing sources.

In the Russian Forbes ranking, Fedun held the 16th position with a net worth of $11.1 billion. He has lost nearly all of his capital due to the condition of financial markets and the collapse of Lukoil's shares.

Due to the downturn in the stock market, the wealth of Russian oligarchs has decreased by $83 billion since the beginning of the year. Lukoil's CEO Vagit Alekperov has seen his fortune shrink by about $13 billion, marking the largest decline among Russian billionaires.