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You're reading: Forbes: Russian billionaires have gained $29 billion since Trump’s election

Russia’s richest men, some of whom have close ties to President Vladimir Putin, have gained $29 billion since the election of Donald Trump, thanks to the rising value of Russian stocks and currency.

Among the biggest beneficiaries: Gennady Timchenko, who was a primary target of 2014 U.S. government sanctions aimed at Putin’s inner circle. Shares of publicly traded natural gas producer Novatek are up 16 percent since the election, enough to boost the value of Timchenko’s estimated 23 percent stake by $1.8 billion.

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