The sanctions the U.S. and several European countries imposed on Russia have resulted in a decrease in Russian oligarchic wealth, according to a Bloomberg report.

In the latest Bloomberg Billionaires Index, the 19 richest Russians had already lost US$14.5 billion since the start of the year. The data is significant when compared to the 64 richest Americans who had an increase of US$56.5 billion.

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Gennady Timchenko, considered a long time friend and part of President Putin's inner circle, has a 23.5 percent stake at OAO Novatek, the second largest gas producer in Russia. After U.S sanctions were imposed, OAO Novatek's shares dropped 8 percent in just two days, which decreased its market value by about US$3 billion. OAO Novatek is also partly owned by Putin.

The richest man in Russia, Alisher Usmanov, lost US$1.5 billion since the crisis began. He owns the metal conglomerate USM Holdings Ltd.

Mikhail Fridman, the second richest man in Russia, has lost US$905 million. Fridman is one of the co-founders of the Alfa Group Consortium, one of Russia's largest privately owned investment group.

Data from the Central Bank of Russia indicates that US$75 billion dollars have already left Russia during the first half of 2014 compared to a total of US$62.7 billion for the entire year in 2013.

The huge amounts of money being moved is assumed to be due to the Russian rich preparing for a possible political crisis and protecting their money from further sanctions that might be imposed.

Reports said Russia's oligarchs are afraid of speaking out and going against Putin as they fear the government might target them and seize their assets.

In 2003, Mikhail Khodorkovsky, who at the time was viewed as a strong challenger for the Russian presidency, controlled the Russian oil company Yukos and had a personal net worth of US$15 billion. He was also known to fund opposition parties.

He was sentenced to nine years in prison on questionable and dubious charges. The Russian government took possession of Yukos and seized US$13 billion worth of stocks. Khordorkovsky was released in 2013 and as of 2014 his net worth is estimated to have dropped to US$170 million.

TagsOligarchs, sanctions against Russia, Ukraine crisis