Russian Tycoons Pocket $11 Billion Dividends on War Economy Boom

Bloomberg07-09

(Bloomberg) -- Russian tycoons received billions of dollars in dividends as their companies resumed or boosted payouts amid easing economic uncertainty over the Kremlin’s war in Ukraine. Most Read ...

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overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nRussian Tycoons Pocket $11 Billion Dividends on War Economy Boom\n</h2>\n\n<h4 class=\"meta\">\n\n\n2024-07-09 07:00 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://finance.yahoo.com/news/russian-tycoons-pocket-11-billion-230000997.html><strong>Bloomberg</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>(Bloomberg) -- Russian tycoons received billions of dollars in dividends as their companies resumed or boosted payouts amid easing economic uncertainty over the Kremlin’s war in Ukraine.\nMost Read ...</p>\n\n<a href=\"https://finance.yahoo.com/news/russian-tycoons-pocket-11-billion-230000997.html\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"LU0098860793.USD","symbol_name":"FRANKLIN INCOME \"A\" INC","start_time":0,"source_url":"https://finance.yahoo.com/news/russian-tycoons-pocket-11-billion-230000997.html","article_id":"2450312150","we_media_id":null,"thumbnails":["https://s.yimg.com/uu/api/res/1.2/ZpDl7fJ3w3H6QUnOOc2gMw--~B/aD0xMDkwO3c9MTI5NjthcHBpZD15dGFjaHlvbg--/https://media.zenfs.com/en/bloomberg_markets_842/c82384671df70fc93cac5bc852da9eab"],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2450312150","pubTimestamp":1720479600,"sourceInfo":{"source_id":"yahoofinance","name":"雅虎金融"},"weMediaInfo":null,"summary":" -- Russian tycoons received billions of dollars in dividends as their companies resumed or boosted payouts amid easing economic uncertainty over the Kremlin’s war in Ukraine.Microsoft Orders China Staff to Use iPhones for Work and Drop Android. Morgan Stanley’s Wilson Says a 10% Stock Market Correction Is ‘Highly Likely’。Boeing to Plead Guilty to Fraud for Violating Deal Over 737 Max Crashes. At least a dozen business people gained more than 1 trillion rubles  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.Many state-controlled corporations like Gazprom Neft PJSC and Russia’s largest bank Sberbank PJSC never stopped making dividend payments as they racked up record profits during the war. Sberbank’s shareholders last month approved a record 7","collect":0,"end_time":0,"defaultTopTitle":"yahoo.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"LU0098860793.USD":"FRANKLIN INCOME \"A\" INC","BK4127":"投资银行业与经纪业","LU1989772840.SGD":"CPR Invest - Climate Action A2 Acc SGD-H","LU1989772923.USD":"CPR Invest - Climate Action A2 Acc USD-H","LU1162221912.USD":"FRANKLIN INCOME \"A\" (USD) ACC","BK4201":"综合性石油与天然气企业","LU0320765646.SGD":"FTIF - Franklin Income A MDIS SGD-H1","BK4585":"ETF&股票定投概念","BK4534":"瑞士信贷持仓","IE00BZ1G4Q59.USD":"LEGG MASON CLEARBRIDGE US EQUITY SUSTAINABILITY LEADER \"A\"(USD) INC (A)","LU1363072403.SGD":"Fidelity Global Financial Services A-ACC-SGD","LU0106831901.USD":"贝莱德世界金融基金A2","LU0971096721.USD":"富达环球金融服务 A","BK4588":"碎股","LU1074936037.SGD":"JPMorgan Funds - US Value A (acc) SGD","IE00BKVL7J92.USD":"Legg Mason ClearBridge - US Equity Sustainability Leaders A Acc USD","LU1668664300.SGD":"Blackrock World Financials A2 SGD-H","BK4581":"高盛持仓","BK4504":"桥水持仓","LUKOY":"PJSC Lukoil"},"translate_title":"俄罗斯大亨因战争经济繁荣而获得110亿美元股息","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"LUKOY":0.9},"content_text":"(Bloomberg) -- Russian tycoons received billions of dollars in dividends as their companies resumed or boosted payouts amid easing economic uncertainty over the Kremlin’s war in Ukraine.\nMost Read from Bloomberg\n\nMicrosoft Orders China Staff to Use iPhones for Work and Drop Android\nMorgan Stanley’s Wilson Says a 10% Stock Market Correction Is ‘Highly Likely’\nBoeing to Plead Guilty to Fraud for Violating Deal Over 737 Max Crashes\nBiden Narrows Gap With Trump in Swing States Despite Debate Loss\nBiden’s Biggest Donors Left Powerless to Sway Him to End Bid\n\nAt 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.\nVagit 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. \nBillionaires 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. \nThe 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.\nThe 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.  \nAfter 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.  \nGross domestic product grew 5.4% in the first quarter compared to the same period last year. Many commodities exporters have resumed payment of dividends after reshaping their businesses and re-routing sales toward markets in China, India and other Global South nations that haven’t implemented sanctions over the war in Ukraine. \nMany state-controlled corporations like Gazprom Neft PJSC and Russia’s largest bank Sberbank PJSC never stopped making dividend payments as they racked up record profits during the war. Sberbank’s shareholders last month approved a record 752 billion rubles in dividends for 2023.\nStill, Russia’s economy may face significant problems in the second half of the year and in 2025 that may prompt the government to raise taxes, according to Chris Weafer, chief executive officer of Macro-Advisory Ltd. For many business owners, “it is a case of better to take the money out now rather than risk losing it in taxes next year,” he said.\nCompanies face mounting difficulties over payments that may lead to shortages of industrial components and consumer goods, he said. \nThat comes after the US stepped up threats of secondary sanctions on banks in countries that Russia regards as “friendly.” US sanctions on the Moscow Exchange last month forced it to halt trading in dollars and euros.\nThe Finance Ministry last month raised its estimate of the 2024 budget deficit to 2.12 trillion rubles, or 1.1% of GDP, from 1.595 trillion rubles. With inflation running at more than double the 4% target, the Bank of Russia may raise the key interest rate as much as 200 basis points later this month from 16% now.\nOne more problem facing Russian tycoons is where to invest their dividends after sanctions compelled many to turn toward the domestic market.\nIn May, private investors invested 116.3 billion rubles on the Moscow Exchange, a monthly record so far in 2024.\nInvestment in Russian industries jumped 14.5% year-on-year in the first quarter to a record of almost 6 trillion rubles, central bank data showed. Still, domestic opportunities are limited. \n“There is simply far too much uncertainty for tycoons to make major investments at this time,” particurlarly when they can get high interest rates from Russian banks on ruble deposits, Weafer said. “For most, the prudent course of action is to wait.”\nMost Read from Bloomberg Businessweek\n\nHow Stocks Became the Game That Record Numbers of Americans Are Playing\nThe Rich Investor Club Is Getting Crowded\nPsychedelics Are Now Legal in Australia—With a Catch\nAt SpaceX, Elon Musk’s Own Brand of Cancel Culture Is Thriving\nDragons and Sex Are Now a $610 Million Business Sweeping Publishing\n\n©2024 Bloomberg L.P.","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.28.1","shortVersion":"4.28.1","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2450312150"}