Alexander Lebedev is concerned.

“Russian businessmen are very scared,” the 54-year-old formerbillionaire, who served in the Soviet embassy in London during theCold War and owns Russia's National Reserve Corp., said by phone.“There are risks to the Russian economy. There could be margincalls, reserves might be drawn down, exchange rates may fall, andprices will rise. This worries me.”

Billionaires in Russia and Ukraine risk further losses as marketvolatility and the threat of Iran-style economic sanctionsintensify following Russia's incursion into Crimea. Since Feb. 28,the day unidentified soldiers took control of Simferopol Airport insouthern Ukraine, Russia's 19 richest people have lost $18.3billion, according to the Bloomberg Billionaires Index, a dailyranking of the world's 300 richest wealthiest people.