billionaires redirected investments to the Russian market due to sanctions – Kommersant
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The largest Russian billionaires continue to receive income from dividends in the face of sanctions, writes Bloomberg. According to the agency, five businessmen from the oil, nickel and mineral industries have received about $10 billion in payments from their companies since 2022. However, due to sanctions, they redirected their investments to the Russian market.
“Western sanctions have essentially shut the door on Russian billionaires and pushed them even further towards the Kremlin. This increases Russia’s control over their funds and supports Putin’s calls (Russian President Vladimir Putin.— “b”) to invest in Russian business,” said Liana Semchuk, an analyst at the British consulting firm Sibylline.
Among the billionaires who are interested in investing in Russian companies, Bloomberg mentions the founder of LUKOIL Vagit Alekperova. At the end of May, the agency reportedthat Mr. Alekperov plans to acquire a 51% stake in Yandex for $7-7.5 billion. Bloomberg notes that if the deal is successful, this investment will be the largest investment outside the oil industry.
The Chairman of the Board of PJSC MMC Norilsk Nickel is given as an example. Vladimir Potanin. At the end of April 2022, the Interros company, which is owned by Mr. Potanin, bought 35% in TCS Group (Tinkoff Bank and Tinkoff Insurance) from Oleg Tinkov’s family. He also agreed with the French financial group Societe Generale to sell the Russian asset of Rosbank to Interros. In addition, the billionaire is one of the possible buyers of Yandex, along with the above-mentioned Vagit Alekperov.
The income of billionaires in the energy industry, such as Vagit Alekperov, Leonid Mikhelson And Gennady Timchenko, are associated with rising energy prices after the start of the Russian military operation in Ukraine. At the end of 2022, Novatek paid total dividends in the amount of 105.58 rubles. per ordinary share. The total amount of payments amounted to 320.54 billion rubles. At the end of May, the Board of Directors of PhosAgro recommended to pay interim dividends in the amount of 264 rubles. per share.
In a relationship Vagit Alekperova in early April 2022, sanctions were imposed by the United Kingdom and Australia. After which he ahead of schedule folded resigned as head of LUKOIL and resigned from the board of directors of the oil company. In the same month, Canada and the United Kingdom contributed Leonid Michelson to the sanctions list. Vladimir Potanin was blacklisted in the UK in June 2022, and in December he and Interros were included in the US SDN list. Gennady Timchenko has been under US sanctions since 2014, but it came under EU and UK sanctions in February 2022.
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