A Ukranian soldier tries to persuade Russian troops to move away from a Ukrainian military base in Balaklava, Crimea on Saturday. Photograph: Anton Pedko/EPAThe crisis in Crimea has caused more than just tensions in the area. 

The world’s 300 richest people, made up by many Russians and Ukrainians, lost over $44.4 billion after the stock exchanges collapsed yesterday, Monday 3rd March.

Bloomberg's Billionaires Index shows the wealth of Russia's tycoons shrank by $13 billion within 24 hours last Monday, 3rd March.  This index is a daily ranking of the richest people on Earth.

The largest losers are Gennady Timchenko and Leonid Mikhelson.  They lost $3.2 billion between them. The two billionaires own almost half of Russia’s largest gas producer after Gazprom OAO.

The next three largest losers are Vladimir Lisin (Russian), Bernard Arnault (French) and Vagit Alekperov (Russian).  Bernard Arnault is the chairman of LVMH Moet, Hennessy, Louis Vuitton, the luxury brand favoured by ostentatious Russians.

The seventh and eighth-biggest losers for 3rd March collapse are Sergey Galitskiy and Vladimir Evtushenkov who are also Russian. Gennady Timchenko saw $1.7 billion disappear yesterday, bringing his 2014 losses to $2.7 billion, while Vladimir Evtushenkov lost nearly $880 million. Thanks to Russian President Vladimir Putin’s decision to send 16,000 troops to the Crimean peninsula, the Russian billionaires lost $13 billion. Russia’s Micex index fell 10.8 percent on 3rd March its biggest drop in five years. It rebounded 5.2 percent on 4th March.

Vladimir Lisin, the chairman of Lipetsk, Russia-based Novolipetsk Steel OJSC, the country’s most valuable steelmaker, lost $1.2 billion as the company retreated 7.1 percent. He has a net worth of $10.6 billion, down $3.9 billion year-to-date.

Vagit Alekperov, Lukoil chief executive officer, lost $960 million after the Moscow-based company, which produces 2 percent of the global oil supply, slumped 9.2 percent.

Rinat Akhmetov, Ukraine’s richest person, lost almost $700 million. The billionaire owns System Capital Management JSC, the country’s largest industrial conglomerate. The Donetsk, Ukraine-based company had $23.5 billion in revenue in 2012, and has investments in metallurgy, mining and energy. It also controls a 71 percent stake in closely held Metinvest, the country’s largest steelmaker.

The Ukrainian conflict has resulted in market volatility as the Russian invasion of the Crimean peninsula has raised geopolitical risk and has put Russian and global economic growth in jeopardy.  It has raised fears of Russian macroeconomic chaos.

Russian instability has caused money to be taken out of the country.  In 2012, about $50 billion left and it’s likely that will grow.

It could also cause further instability in growth and development. Credit Suisse, the Swiss Bank, wrote that the South Stream pipeline project might be hindered by international sanctions against Russia. South Stream is a construction project that is planned to bring Russian natural gas across the Black Sea to the Balkans and Central Europe and which will make its way through Bulgarian soil. It would come to a halt if a ban on Russian imports is imposed within the EU.