Russia-Ukraine war: Billionaires make $11bn dividends as economy resumes
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.Billionaires Alexey Mordashov, of Severstal PJSC, and Vladimir Lisin, of Novolipetsk Steel PJSC, were next with 148 billion and 121 billion rubles respectively of dividend income.
Mordashov is under US, UK and EU sanctions, while Lisin isn’t under any major restrictions.The list also includes Putin’s billionaire ally Gennady Timchenko and Tatyana Litvinenko, who received a stake in PhosAgro PJSC before her husband Vladimir was sanctioned by the US in 2023. Vladimir Litvinenko is rector of St.
Petersburg Mining University where Putin received a doctoral degree in 1997 and was the president’s campaign manager in the city during three elections.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.After contracting in the year that followed the start of the war, Russia’s economy rebounded sharply as the government spent massively to expand the defense industry, shield domestic businesses from the impact of sanctions, and provide social support for families.Gross domestic product grew 5.4% in the first quarter compared to the same period last year.
Read more on livemint.com
