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Russia’s wealthiest individuals lost $39bn after Russian President Vladimir Putin’s ordered a military attack on Ukraine, reported Bloomberg.

The loss is said to be across asset classes.

MOEX Russia Index, the country’s benchmark, closed 33% lower in Moscow, marking the fifth-worst drop in stock market history in terms of local currency.

This is said to be the first time since the Black Monday crash in the 1987’s that the Russian stock market, worth more than $50bn, is experiencing a decline of such magnitude.

Meanwhile, Swiss investment bank UBS triggered margin calls on certain wealth management customers who use Russian bonds as collateral in a bid to limit its exposure to Russian assets.

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By GlobalData

The bank asked the investors to add either cash or securities to their portfolio after slashing the lending value of some debt from the country to zero, people who are aware of the development told Bloomberg.

According to the sources, UBS may liquidate the securities at market price for customers who are unable to meet the new requirements.

Pictet, another Swiss banking firm, is also said to be cutting the values of Russian assets in the portfolios of its customers.

Both UBS and Pictet did not offer any comment on the news.

Several other banks are also taking defensive measures to shade themselves and investors from the effect of the ongoing Russia-Ukraine crisis.

Former MI6 intelligence chief Alex Younger, who now serves as an adviser with Wallstreet bank Goldman Sachs, spoke to clients over the phone on Thursday, according to a Bloomberg report.

Soon after Russia started its military operation in Ukraine, German lenders Deutsche Bank and Commerzbank informed the customers that their direct financial exposure to Russia was ‘well contained’ and ‘manageable’.