Dividend party for Russian oligarchs as war rages

Dividend party for Russian oligarchs as war rages

An overview shows that 12 Russian oligarchs received more than 1 trillion rubles ($11.3 billion) in profits during 2023 and the first quarter of 2024. Bloomberg It has been created.

The overview includes several people with close ties to President Vladimir Putin, some of whom have been subject to Western sanctions as a result of the war in Ukraine.

The oil tycoon grabbed as much as he could.

At the top is Vagit Alekperov, the major shareholder and former CEO of Lukoil, with profits of 186 billion rubles ($2.1 billion) last year. He has been sanctioned by Great Britain and Australia, but so far not by the United States and the European Union. The man at No. 64 Bloomberg Billionaires Index They should be good for $28 billion, and should collectively generate over $5 billion in corporate profits.

He is followed by Alexei Mordashov with 148 billion rubles and Vladimir Lisin with 121 billion rubles in profits. The former is the largest shareholder in Severstal, Russia’s fourth-largest steel producer, which is subject to US, UK and EU sanctions. Lisin is the chairman and major shareholder of Russia’s largest steel producer Novolipetsk Steel (NLMK).

Putin's friends participate

We also point to Putin's allies, Gennady Timchenko and Tatyana Litvinenko, who, according to the news agency, acquired a stake in PhosAgro before the United States imposed sanctions on her husband Vladimir in 2023. Vladimir Litvinenko is the rector of the St. Petersburg Mining University, where Putin received his doctorate in 1997, and was the president's campaign manager during three elections in the city.

The daughter's stake in one of Europe's largest fertilizer producers brought in 23 billion rubles in profits last year and the first quarter of this year.

Timchenko is the man behind the Volga Group investment company, which last year earned 79 billion rubles in dividends. Volga Group’s largest investment is gas producer Novatek, whose CEO and main owner Leonid Mikhelson received 107 billion rubles in dividends. Mikhelson owns about 25 percent of Novatek, which produces about 10 percent of Russia’s gas output.

Jabori Obasanjo

Jabori Obasanjo

"Coffee trailblazer. Certified pop culture lover. Infuriatingly humble gamer."

Leave a Reply

Your email address will not be published. Required fields are marked *