Dividend payments – which had been frozen due to uncertainty and fears of a possible collapse of the Russian economy after the invasion of Ukraine – were reinstated by Russian companies.

Thus, at least 12 Russian tycoons profited through dividends over 1 trillion rubles ($11.3 billion) in 2023 and the first months of 2024, according to data compiled by Bloomberg. Many of them have close ties to President Vladimir Putin, while others have been sanctioned for the war, which is now in its third year.

Whatever sanctions have been imposed…

THE Vagit Alekperovmajor shareholder and former chairman of the oil giant Lukoil PJSC, tops the list as it received an amount of 186 billion rubles in dividends. It has been sanctioned by the UK and Australia, while it has so far avoided similar moves by the US and the EU.

Vagit Alekperov, major shareholder and former chairman of oil giant Lukoil PJSC

The next names on the list are those of billionaires Alexey Mordashovher Severstal PJSCand Vladimir Lisinher Novolipetsk Steel PJSC, who received in the form of dividends 148 billion and 121 billion rubles respectively. Mordashov has been sanctioned by the US, Great Britain and the EU, while Lisin has avoided them.

The list also includes Putin’s billionaire ally, Gennady Timchenko but also the Tatyana Litvinenkowhich acquired a stake in PhosAgro PJSC before her husband Vladimir is sanctioned by the US in 2023. O Vladimir Litvinenko he is rector of Metallurgical University in St. Petersburg, from which Putin received his doctorate in 1997. He was also Putin’s campaign chairman in three of his election campaigns.

The US and its allies imposed sanctions on Russia in response to its invasion of Ukraine in February 2022, prompting many companies to freeze dividend payments amid uncertainty about a potential economic collapse. These fears were not verified as Russia’s economy gradually adapted to the new conditions and exporters found new alternative markets.

In the first year of the invasion, Russia’s economy shrank only to rebound as the government spent heavily to expand the defense industry, protect local businesses from the effects of sanctions and provide social support to families.