Meet Russia's 5 richest people

Russian oligarchs have taken a major financial hit as the U.S. and its allies ramp up economic pressure in response to the country's invasion of Ukraine. 

Russia's 21 wealthiest individuals have lost a collective $84 billion so far this year, according to the Bloomberg Billionaires Index.

Here is a FOX Business roundup of the top five richest oligarchs in Russia, based on data from Bloomberg.

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Vladimir Potanin

Vladimir Potanin, Russia's richest man, is currently worth $24.3 billion. 

In 1993, Potanin co-founded Onexim Bank, where he became instrumental in the creation of "loans for shares auctions," allowing Russian firms' assets to be sold off at below-market prices.

In 1995, Potanin acquired a stake in nickel and palladium mining and smelting company Norilsk Nickel. He now owns about a third of the company. In addition to Norilsk Nickel, Potanin has stakes in Petrovax Pharm and ski resort Rosa Khutor. 

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Between 1996 and 1997, Potanin served as the first deputy prime minister of the Russian Federation.

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Alexey Mordashov

Alexey Mordashov, the majority shareholder and chairman of steel and mining company Severstal, is worth $21.4 billion.

Mordashov joined Severstal as an economist in 1988. He went on to become its chief financial officer in 1992 and CEO in 1996. In addition to being Severstal's majority shareholder, Mordashov owns around a 30% stake in Germany-based travel firm TUI Group.

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On Monday, Mordashov was slapped with sanctions from the European Union in response to Russia's invasion of Ukraine. In a statement posted on Russian news agency TASS on Tuesday, Mordashov said he did not understand why he is being sanctioned by the EU, emphasizing that he had "absolutely nothing to do" with Russia's conflict with Ukraine." 

"What is happening in Ukraine is a tragedy for two fraternal nations," Mordashov added. "It is terrible that Ukrainians and Russians are dying, people are suffering hardships and the economy is collapsing. I sincerely hope a way can be found in the very near future to resolve this conflict and stop the bloodshed."

On Wednesday, Reuters reported that Severstal is suspending exports to the EU, citing "some problems in dealing with the European customers." 

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Leonid Mikhelson

Leonid Mikhelson, the majority shareholder, chairman and CEO of Russia's largest independent gas producer, Novatek PAO, is worth $21.2 billion. 

Mikhelson started as a foreman for a construction company that built the first section of Urengoi-Chelyabinsk gas pipeline in Russia's Tyumen region. In 1985, he became chief engineer of the construction company Ryazantruboprovodstroy. 

Two years later, he became general director of Kuibishevtruboprovodstroy, one of the first companies to undergo privatization in 1991 following the dissolution of the Soviet Union. He continued as managing director of the company, which was renamed Nova, until 1994. He then became general director of its holding company, Novafinivest. Since 2003, Mikhelson has served as board chairman of Novatek.

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In addition to Novatek PAO, Mikhelson has a stake in petrochemical company Sibur.

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Vladimir Lisin

Vladimir Lisin, the chairman of Russia's largest steelmaker, Novolipetsk Steel, is worth $20.4 billion. 

Lisin got his start as an electrical fitter in a coal mine in Siberia in 1975. He went on to work as a welder foreman at Tulachermet Metals Works and, by 1986, became the company's deputy chief engineer. In 1992, he joined a group of traders known as the Trans-World Group, which won control of Russia's steel and aluminum industry and subsequently split in 2000. Lisin went on to become the controlling shareholder of the firm, which is now known as Novolipetsk Steel. 

In addition to Novolipetsk Steel, Lisin owns rail car operator Freight One, port facilities operator UCL Port and shipping company VBTH.

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Andrey Melnichenko

Andrey Melnichenko, the largest shareholder of fertilizer producer EuroChem, is worth $20 billion. In addition to EuroChem, Melnichenko owns the majority of Suek, Russia's largest supplier of thermal coal, and has a stake in Russian electric power distributor Rossetti Siberia.

His first business venture was a chain of currency exchange booths he started in the 1990s. In 1993, Melnichenko co-founded MDM Bank, which became one of Russia’s most successful and largest private banks. 

In 2000, Melnichenko co-founded the MDM Group, which focused on industrial investments in pipeline manufacturing, coal production and processing, production and processing of fertilizers and enabled the formation of SUEK, EuroChem and TMK, which he exited in 2006 through an IPO at the London Stock Exchange. Melnichenko exited MDM Bank in 2007.