22-Year-Old Buys $88M NYC Digs

Market woes, weak ruble have chipped away at fortunes

(NEWSER) - The 10 wealthiest Russians have lost two-thirds of their fortunes in the past year, AP reports, based on the magazine Finans' annual list of billionaires. The ranks of billionaires have been cut in half, from 101 to just 49. Last year's richest Russian, Oleg Deripaska, has fallen to eighth on the list, after his fortune skidded 85% to a mere $4.9 billion. Roman Abramovich, who owns the Chelsea Football Club, kept second place, at $13.9 billion, but lost nearly half of his worth. More»

For mainly Jewish oligarchs, wealth and power has given way to prison and exile

(NEWSER) - A cadre of 50 or so Russian businessmen struck it rich when the USSR's state-owned industries went up for grabs. But most of these billionaire oligarchs are now in prison or have fled, hounded and hectored by the KGB-style tactics of president Putin. The Guardian profiles 7 deposed plutocrats, who've made their bones in oil, aluminum and everything in between. More»

(NEWSER) - A Russian billionaire with possible mob ties plans to buy a major stake in the company that aims to purchase Chrysler. If aluminum magnate Oleg Deripaska does buy the $1.54 billion stake in Magna International, the cash will come in handy for the Chrysler deal. But Oleg's shady past may raise flags for regulators, the Wall Street Journal reports. More»

London emigre says he's bankrolling coup, conspiring with elites

(NEWSER) - An exiled Russian billionaire says he is bankrolling a coup to overthrow Russian President Vladimir Putin. Boris Berezovsky tells the Guardian: "It isn't possible to change this regime through democratic means. There can be no change without force, pressure." Asked if he is fomenting a revolution, he responds: "You are absolutely correct." More»

Measure could become law next week

(NEWSER) - Basking in his re-election glow, Vladimir Putin yesterday backed a move to jack up the fine for illegal protesting—to a hefty $9,500, reports the New York Times . Despite furious opposition, the measure could become law as early as next week. "We must protect people from extreme radical manifestations," said Putin, apparently desperate to prevent more demonstrations like those last December against some very dodgy election results. The law could have been a lot worse, though, as an earlier version called for fines as high as $47,000. More»