Russia’s most wealthy men have reportedly become $29bn richer since the election of Donald Trump.

Russian President Vladimir Putin’s closest allies are among those who have benefited in part from the rising value of Russian stocks and the rouble.

Oil and gas tycoon Gennady Timchenko – who in 2014 was hit with US sanctions due to his close ties with the Russian leader – has seen his estimated 23 per cent stake in gas company Novotek rocket by $1.8bn (£1.5bn), business magazine Forbes reported.

Russia's richest man, Leonid Mikhelson, saw the biggest increase to his fortune. Also a major shareholder in Novotek, he has gained an estimated $1.9bn since Mr Trump's election, bringing his net worth to $18.2bn.

The two billionaires are also invested in Mocow-based petrochemical company Sibur, alongside the Russian leader's son-in-law, Kirill Shamalov.

In total, billionaires in Russia have grown their riches by $29bn (£25bn), Forbes estimated.

Since Mr Trump's unexpected election triumph, American billionaires have increased their net worth by an average of 2.8 per cent, while Russian billionaires have boosted their fortunes by 7.1 per cent, according to the wealth-tracking site.

Russia's oligarchs have also benefitted from Russia's currency growing stronger. The ruble fell 55 per cent against the US dollar over 2014 and 2015, but rose 20 per cent in 2016, a gain largely attributed to rising oil prices.

Russian-US relations have deteriorated after Washington accused Moscow of attempting to influence the country's election result through hacking.

In December, President Obama expelled 35 Russian diplomats in retaliation for the cyber attack.

Yet Mr Putin surprised many observers when he announced he would not reciprocate by expelling US diplomats.

Trump and Putin passionately kiss in street mural Show all 14 1 /14 Trump and Putin passionately kiss in street mural Trump and Putin passionately kiss in street mural A lesbian couple kisses in front of mural depicting Russian President Vladimir Putin and Republican presidential candidate Donald Trump, on the walls of a barbecue bar 'Keule Ruke' on May 19, 2016 in Vilnius, Lithuania. Barcroft Media/Getty Trump and Putin passionately kiss in street mural A lesbian couple kisses in front of mural depicting Russian President Vladimir Putin and Republican presidential candidate Donald Trump, on the walls of a barbecue bar 'Keule Ruke' on May 19, 2016 in Vilnius, Lithuania. Barcroft Media/Getty Trump and Putin passionately kiss in street mural VILNIUS, LITHUANIA - NOVEMBER 23: A woman walks past a mural showing U.S. President-elect Donald Trump (R) blowing marijuana smoke into the mouth of Russian President Vladimir Putin on the wall of a bar-b-que restaurant on November 23, 2016 in Vilnius, Lithuania. Many people in the three Baltic nations of Lithuania, Latvia and Estonia are concerned that Russia, because Trump has expressed both admiration for Putin and doubt over defending NATO member states, will be emboldened to intervene militarily in the Baltics. Sean Gallup/Getty Trump and Putin passionately kiss in street mural A woman walks past a mural on a restaurant wall depicting US Presidential hopeful Donald Trump and Russian President Vladimir Putin greeting each other with a kiss in the Lithuanian capital Vilnius on May 13, 2016. Kestutis Girnius, associate professor of the Institute of International Relations and Political Science in Vilnius university, told AFP -This graffiti expresses the fear of some Lithuanians that Donald Trump is likely to kowtow to Vladimir Putin and be indifferent to Lithuanias security concerns. Trump has notoriously stated that Putin is a strong leader, and that NATO is obsolete and expensive. Petras Malukas/AFP/Getty Images Trump and Putin passionately kiss in street mural AP Trump and Putin passionately kiss in street mural A child walks past a graffiti depicting Russian President Vladimir Putin, left, and Republican presidential candidate Donald Trump, on the walls of a bar in the old town in Vilnius, Lithuania, Saturday, May 14, 2016. (AP Photo/Mindaugas Kulbis) AP Trump and Putin passionately kiss in street mural People walk past a mural on a restaurant wall depicting US Presidential hopeful Donald Trump and Russian President Vladimir Putin greeting each other with a kiss in the Lithuanian capital Vilnius on May 13, 2016. Kestutis Girnius, associate professor of the Institute of International Relations and Political Science in Vilnius university, told AFP -This graffiti expresses the fear of some Lithuanians that Donald Trump is likely to kowtow to Vladimir Putin and be indifferent to Lithuanias security concerns. Trump has notoriously stated that Putin is a strong leader, and that NATO is obsolete and expensive. Petras Malukas/AFP/Getty Images Trump and Putin passionately kiss in street mural A man photographs a mural on a restaurant wall depicting US Presidential hopeful Donald Trump and Russian President Vladimir Putin greeting each other with a kiss in the Lithuanian capital Vilnius on May 13, 2016. Kestutis Girnius, associate professor of the Institute of International Relations and Political Science in Vilnius university, told AFP -This graffiti expresses the fear of some Lithuanians that Donald Trump is likely to kowtow to Vladimir Putin and be indifferent to Lithuanias security concerns. Trump has notoriously stated that Putin is a strong leader, and that NATO is obsolete and expensive. Petras Malukas/AFP/Getty Images Trump and Putin passionately kiss in street mural AP Trump and Putin passionately kiss in street mural A young woman walks past a mural showing U.S. President-elect Donald Trump (R) blowing marijuana smoke into the mouth of Russian President Vladimir Putin with the slogan "make everything great again," in reference to Trump's campaign slogan of "Make America Great Again," on the wall of a bar-b-que restaurant on November 23, 2016 in Vilnius, Lithuania. Many people in the three Baltic nations of Lithuania, Latvia and Estonia are concerned that Russia, because Trump has expressed both admiration for Putin and doubt over defending NATO member states, will be emboldened to intervene militarily in the Baltics. Sean Gallup/Getty Trump and Putin passionately kiss in street mural A morning commuter stops to look at a mural on a restaurant wall depicting US Presidential hopeful Donald Trump and Russian President Vladimir Putin greeting each other with a kiss in the Lithuanian capital Vilnius on May 13, 2016. Kestutis Girnius, associate professor of the Institute of International Relations and Political Science in Vilnius university, told AFP -This graffiti expresses the fear of some Lithuanians that Donald Trump is likely to kowtow to Vladimir Putin and be indifferent to Lithuanias security concerns. Trump has notoriously stated that Putin is a strong leader, and that NATO is obsolete and expensive. Petras Malukas/AFP/Getty Images Trump and Putin passionately kiss in street mural Restaurant owner Dominykas Ceckauskas pose next to a mural on the wall of his establishment depicting US Presidential hopeful Donald Trump and Russian President Vladimir Putin greeting each other with a kiss in the Lithuanian capital Vilnius on May 13, 2016. Kestutis Girnius, associate professor of the Institute of International Relations and Political Science in Vilnius university, told AFP -This graffiti expresses the fear of some Lithuanians that Donald Trump is likely to kowtow to Vladimir Putin and be indifferent to Lithuanias security concerns. Trump has notoriously stated that Putin is a strong leader, and that NATO is obsolete and expensive. / AFP / Petras Malukas (Photo credit should read PETRAS MALUKAS/AFP/Getty Images) Petras Malukas/AFP/Getty Images Trump and Putin passionately kiss in street mural A passerby photographs a mural showing U.S. President-elect Donald Trump (R) blowing marijuana smoke into the mouth of Russian President Vladimir Putin on the wall of a bar-b-que restaurant on November 23, 2016 in Vilnius, Lithuania. Many people in the three Baltic nations of Lithuania, Latvia and Estonia are concerned that Russia, because Trump has expressed both admiration for Putin and doubt over defending NATO member states, will be emboldened to intervene militarily in the Baltics. Sean Gallup/Getty Trump and Putin passionately kiss in street mural Getty

The Russian leader said he would instead consider the actions of the President-elect, when deciding on further steps in Russia-US relations.