09 July 2024

...At least a dozen business people gained more than 1 trillion rubles ($11.3 billion) for 2023 and in the first quarter of this year, according to data on dividends compiled by Bloomberg from publicly disclosed information. Many have close links to President Vladimir Putin and include some who’ve been sanctioned over the war that’s now in its third year.

Vagit Alekperov, key shareholder and former president of oil giant Lukoil PJSC, topped the list with about 186 billion rubles in dividends. He is sanctioned by the UK and Australia, but has so far avoided US and European Union penalties...

The US and its allies imposed sweeping sanctions on Russia in response to the February 2022 invasion, prompting many companies to pause dividend payouts on the back of uncertainty over a potential economic collapse. Those fears haven’t been borne out as Russia’s economy gradually adjusted to the new conditions and exporters found alternative markets...