Russian tycoons pocket $15.6b in dividends on war economy boom

Companies resume or boost payouts as uncertainty over war with Ukraine eases

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Russian tycoons received billions of dollars in dividends as their companies resumed or boosted payouts amid easing economic uncertainty over the Kremlin’s war in Ukraine.

At least a dozen business people gained more than one trillion roubles (S$15.6 billion) in 2023 and the first quarter of 2024, according to data on dividends compiled by Bloomberg from publicly disclosed information. Many have close links to President Vladimir Putin and include some who have been sanctioned over the war that is now in its third year.

Mr Vagit Alekperov, key shareholder and former president of oil giant Lukoil, topped the list with about 186 billion roubles in dividends. He is sanctioned by Britain and Australia, but has so far avoided US and EU penalties.

Billionaires Alexey Mordashov, of Severstal, and Vladimir Lisin, of Novolipetsk Steel, were next with 148 billion and 121 billion roubles respectively of dividend income. Mr Mordashov is under US, British and European Union sanctions, while Mr Lisin is not under any major restrictions.