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Billionaire Mikhelson becomes Russia's richest man - Forbes

Russian President Vladimir Putin (C) visits "Voronezhsintezkauchuk" plant, part of the SIBUR company, in Voronezh, Russia, May 23, 2013. Also pictured are Voronezh region governor Alexey Gordeyev (L), Leonid Mikhelson (centre, L), and Kirill Shamalov (R). Picture taken May 23, 2013. REUTERS/Mikhail Klimentyev/Sputnik/Kremlin

MOSCOW (Reuters) - Leonid Mikhelson, chief executive and co-owner of Novatek, has become Russia's richest men with wealth estimated at $14.4 billion, overtaking Vladimir Potanin, according to the latest rating from U.S. magazine Forbes. Mikhelson, apart from his stake in Novatek, Russia's No.2 gas producer and a leading shareholder in the Yamal LNG project, co-owns Russian petrochemical firm Sibur. He also owns a stake in Russia's Promsvyazbank. Mikhelson, who placed 60th on the Forbes World's Billionaires List, is one of 70 Russians who made the ranking, 11 fewer than a year earlier, according to Forbes. Mikhail Fridman, co-owner of Alfa-Bank and the biggest investor behind emerging markets telecoms operator Vimpelcom Ltd and food retailer X5, remained Russia's second-richest tycoon, placing 63th on the U.S. list. Potanin, the chief executive and co-owner of nickel and palladium miner Norilsk Nickel, placed 78th overall. The number of Russians making the list has been falling rapidly in the past two years, with Western sanctions imposed on Moscow in 2014 for its role in the Ukraine crisis, falling oil prices and an economic downturn diminishing the fortunes of many. (Reporting by Katya Golubkova and Lidia Kelly)