Russia’s war economy is so hot that at least 12 of its oligarchs received $11 billion in dividends over 15 months

At least 12 businesspeople received more than 1 trillion rubles, or about $11.4 billion, in dividends for all of 2023 and the first quarter of 2024, according to data reported by Bloomberg on Tuesday. The outlet compiled the data from publicly disclosed information.

Bloomberg reported that many of the tycoons who received the dividend windfall were closely tied to Russian President Vladimir Putin and that some of them had been sanctioned by the West.

The biggest winners from the dividend payouts were commodities exporters that benefited from Russia’s pivot of its trade eastward toward China, India, and other countries in the Global South, Bloomberg reported. Their key customers were previously from Europe.

Vagit Alekperov, a key shareholder and former president of the oil giant Lukoil, ranked highest, having received 186 billion rubles in dividends. He’s been sanctioned by the UK and Australia.

Source: YAHOO