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Ukraine's oligarchs, reeling from sudden loss of power, may forever lose stranglehold on economy and politics, NYT reports

Ukrainian billionaire Rinat Akhmetov (

The war in Ukraine has curbed the power of the country's oligarchs, draining much of their wealth and political influence and giving the authorities a chance to forever loosen their stranglehold on the country, the New York Times reported.

In the first year after Russia's full-scale invasion of Ukraine in February 2022, the 20 richest men in Ukraine lost a combined $20 billion, and only two men, from the original 10, kept their status as billionaires, the newspaper said. Hardest hit was Rinat Akhmetov, who lost $9 billion and suffered the destruction of his Azovstal steel factory in the besieged city of Mariupol.

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