A group of Russian tycoons has seen a significant windfall, in the middle of Russia’s ongoing conflict in Ukraine. Their companies have resumed or increased dividend payouts, resulting in a collective $11 billion in dividends for 2023 and the first quarter of 2024. A dozen business leaders, many of whom have close ties to President Vladimir Putin, have benefited from the recent economic stability in Russia. This stability has allowed their companies to resume or increase dividend payments, as per dividend data compiled by Bloomberg from publicly disclosed sources.

The dividends, totaling over 1 trillion rubles ($11.3 billion), have been distributed despite the ongoing sanctions and the war in Ukraine, now in its third year. The beneficiaries include individuals who have been sanctioned due to their connections to the war.