Russian magnates have enriched billions of dollars thanks to the huge payments of dividends to their companies, which have begun to pay or increase these payments, since economic uncertainty due to the war in Ukraine is softened. According to Bloomberg, at least a dozen businessmen received more than 1 trillion rubles (about $ 11.3 billion) in 2023 and in the first quarter of 2024. Many of these persons are close to Russian President Vladimir Putin or have fallen under international sanctions as a result of war.
For example, Alekperov's pregnant, a key shareholder of PJSC Lukoil, who is under the sanctions of the United Kingdom and Australia, headed a list with dividends under an estimated amount of 186 billion rubles. Other well -known names also turned out to be among the leaders: Alexei Mordashov from PJSC "Seversstal" and Vladimir Lisin from PJSC Novolypetsky Metallurgical Plant earned 148 billion and 121 billion rubles, respectively.
It is noted that some of the billionaires, such as Gennady Timchenko and Tatiana Litvinenko, also received considerable amounts from dividends. Volodymyr Litvinenko, the rector of St. Petersburg Mining University, had previously worked with Putin and assisted him in election campaigns.
Many state corporations, including PJSC Gazprom Oil and PJSC Sberbank, continue to pay record dividends, earning huge profits during the conflict. Sberbank shareholders, for example, approved a record 752 billion rubles of dividends for 2023.
However, the main problem for Russian magnates remains the question of where to invest the received dividends, in particular because of restrictions that make many to go to the domestic market.
