SHRUGGING IT OFF

Rolling in Cash: Putin’s Oligarchs Rise Above the Sanctions

Russia’s economy showed signs of rebounding despite the strain of war and sanctions.

At least a dozen Russian business tycoons have received billions of dollars in dividends as their companies resumed or boosted payouts as Russia’s economic uncertainty due to the war in Ukraine showed signs of easing. The oligarchs gained more than $11.3 billion for 2023 during the first quarter of this year, according to a report by Bloomberg. Many have close ties with Russian President Vladimir Putin, and some of the people have been sanctioned over the last three years of the war. The list includes billionaire oligarch Alexy Mordashov of Severstal PJSC, who is under U.S. sanctions. The U.S. and its allies imposed sanctions on Russia in response to the February 24, 2022, invasion of Ukraine, causing many companies to pause dividend payouts due to uncertainty over the country’s potential economic collapse. However, Russia’s economy has gradually adjusted to its new conditions, and exporters have found alternative markets. Russia’s economy has since rebounded sharply as the government spent large sums to expand the country’s defense industry, shield its businesses from the impact of sanctions, and provide social support for families.