Ultimate Guide To Russian Oligarchs | Supply Chain Catch-22

Plus: Inside The Dutch Superyacht Builder Owned By Russian Billionaire Vagit Alekperov

Good morning.

International sanctions in response to Russia's invasion of Ukraine have put the spotlight on the country's complex, often corrupt, world of billionaire oligarchs—and Forbes has a guide to make it easier to navigate. We're also covering the Catch-22 faced by retailers looking to avoid supply chain disruption by stocking up for the holiday season early, and how one Texan furniture mogul has worked out a winning formula from betting on sports events. Finally, don't miss this story about the $280 million Dutch superyacht builder owned by a Russian billionaire.

Sofia Lotto Persio

Curator-In-Chief | Twitter

In The News Today

The U.S. Army Corps of Engineers suspended SpaceX's application to expand its South Texas rocket launch site, saying the company failed to supply information on how the expansion would impact the environment in and around the Boca Chica property.

Energy giant Shell said it expects to take a hit of up to $5 billion in the first quarter of 2022 following its decision to leave Russia in response to President Vladimir Putin's unprovoked invasion of Ukraine.

Top Take-Aways

When Putin ordered troops into Ukraine on February 24, he wreaked havoc on Russian oligarchs' massive fortunes, their sprawling businesses and carefully crafted reputations. 14 Russian oligarchs have been sanctioned by the U.S., U.K. or EU since then, adding to 11 others who were hit in response to Russia's annexation of Ukraine's Crimean Peninsula in 2014, but at least 50 Russian billionaires have so far remain untouched.

After the Treasury decided to block the Kremlin from using its dollar reserves, Russia's creditors face the unappetizing prospect of accepting debt payments in rubles, a currency whose value is highly exposed to changes in the geopolitical arena.

The six oil companies whose executives testified about gas prices before the House Energy and Commerce Committee on Wednesday contributed a total $383,000 in support of the lawmakers questioning them, 97% of which went to Republicans, and more than a third to just one Congresswoman.

Plagued by unresolved supply chain problems, companies are already stocking up for the holiday season to avoid last year's delay. But as retailers order early—or order more than they did last year to compensate—the result can be a self-fulfilling prophecy.

The airline industry has been pushing the Biden administration to let the federal mask mandate for public transportation expire as scheduled on April 18, but multiple public surveys suggest that the majority of Americans are still not quite ready to see it go.

Jim McIngvale, the Houston furniture mogul known as "Mattress Mack," likes to place multi-million-dollar wagers on marquee sporting events such as the Super Bowl, March Madness and the World Series linked store promotions. But he's not leaving it to chance—he wins either way.

Today's Must Read

Inside The Dutch Superyacht Builder Owned By Russian Billionaire Vagit Alekperov

European authorities are freezing and seizing sanctioned oligarchs' yachts, putting the companies that build the luxury vessels—including one owned by double-digit billionaire Alekperov—in uncharted waters.

Read The Full Story →

In Case You Missed It

A new Covid-19 variant that combines two different omicron strains has been identified in the United Kingdom. The XE variant could be the fastest-spreading Covid variant yet, according to early data from British public health officials and the World Health Organization.

Tips You Can Trust

Creating a successful hybrid work environment requires intentional management of the change. These six steps should be taken into consideration.

Your home isn't the only place that might use some spring cleaning—your career can, too, starting from these 10 areas.

Today's Must Watch

Features

Tracking The World's 10 Richest Billionaires 2001-2022

War, pandemic and sluggish markets hit the world's billionaires this year. There are 2,668 of them on Forbes' 36th-annual ranking of the planet's richest people—87 fewer than a year ago. They're worth a collective $12.7 trillion—$400 billion less than in 2021.

Watch

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