Russias most affluent service magnates pulled a record amount of cash from their companies in the kind of dividends in 2024, Forbes Russia has actually stated in a brand-new report.The news comes as the countrys economy teeters on the edge of recession.According to Forbes Russia, the overall payouts from significant Russian corporations to 50 of the wealthiest entrepreneurs in the countryreached a historic high of 1.769 trillion rubles ($20 billion) in 2024.
In contrast, these figures had remained under 1.4 trillion rubles ($18.2 billion) in both 2022 and 2023.
At least 11 individuals got over 50 billion rubles ($650 million) each in dividends last year.The leading recipient was Alexei Mordashov, the managing investor of steel giant Severstal, who, together with associated entities, received 201.8 billion rubles ($2.62 billion).
Close behind was Lukoil co-owner Vagit Alekperov, who took home 201 billion rubles ($2.61 billion).
Steel magnate Vladimir Lisin, who rejoined the billionaire rankings this year, declared 3rd place with nearly 152 billion rubles ($1.98 billion), most of it in dividends from his business NLMK.Rounding out the top five were Leonid Mikhelson, a key investor in gas and petrochemical companies Novatek and Sibur (104 billion rubles, or $1.35 billion), and Alisher Usmanov, the head of holding business USM (96.2 billion rubles, or $1.25 billion).
The Russian Union of Industrialists and Entrepreneurs (RSPP), a lobbying group representing the nations largest corporations, consisting of many of the individuals named, has been voicing issue about the state of the economy for the past two years.
It alerted that loaning costs are now unsustainable due to the Central Banks key rate of interest, with many companies approaching technical default.The RSPP stated that the Russian economy has actually shown clear indications of recession, especially in the civilian sectors still reeling from Western sanctions, because late 2024.
More than 50 firms chose to keep revenues in 2024.
According to Igor Danilenko, director of financial investments at Renaissance Capital, these business kept liquidity and directed earnings to functional goals and investments.But the nations richest individuals appear to have picked to prioritize personal payouts over corporate stability.Severstal CEO Alexander Shevelev even cautioned that if existing financial pressures persist, steel companies may be required to halt production completely.