Russian billionaires pay the price of Putin's war, lose over $126 billion

What's happening is a necessary measure. We were simply left with no chance to do otherwise, Putin told Russian billionaires on Sunday.

Billions of dollars have been wiped from the fortunes of Russia’s billionaires as the country’s stock market and the ruble plunged after President Vladimir Putin launched a full-scale invasion of Ukraine.

What is happening is a necessary measure, Russian President Vladimir Putin told the nation's top business leaders during a meeting at the Kremlin on Sunday.

At least 13 billionaires were present at the meeting summoned by Putin. “We were simply left with no chance to do otherwise,” Putin told them. According to reports, none of the billionaires commented.

READ | Russia-Ukraine war | Putin alerts nuclear force, here's all you need to knowOver 116 billionaires have lost more than $126 billion since Russia invaded Ukraine on February 16, according to a Forbes report.

Of that, an estimated $71 billion was wiped out on Thursday, after Russia’s Moex index closed down 33% and the ruble plunged to a record low against the dollar, the report mentioned.

The report further mentioned that at least five of the billionaires at the Kremlin on Thursday -- Alekperov, Mikhelson, Mordashov, Potanin and Kerimov -- were among the day’s biggest billionaire losers. Altogether, at least 11 Russian billionaires lost $1 billion or more each on Thursday.Earlier this week, the British government sanctioned many billionaires, including Putin’s former son-in-law (and former billionaire) Kirill Shamalov. Following Russian strikes on Ukraine, it also announced an asset freeze of Russia’s banks, and a ban on Russian nationals from holding more than $66,000 (50,000 pounds) in a UK bank account, the report said.

READ | West imposes sanctions as Russia signs treatise with rebel Ukrainian regions | Top pointsPrime Minister Boris Johnson has also reportedly pushed Western leaders to go further and eject Russia from the SWIFT international payments system, one of the main pipelines for international finance and banking.