Dividend policy

The Company’s Regulations on the Dividend Policy approved by the Board of Directors seek to ensure the transparency of the mechanism for determining the amount of dividend and the dividend payment procedure.

Upon the Board’s recommendations, the General Meeting of Shareholders determines the dividend amount and record date, which, as per Russian laws, is to be set within 10–20 days of the relevant decision made by the General Meeting of Shareholders.

Dividends to a nominee holder are paid directly within 10 business days, while dividends to persons listed on the shareholder register are paid through the Registrar within 25 business days after the record date.

Any shareholder who has not received the declared dividend because their address or banking details were not available to the Company or the Registrar may request payment of such dividend within three years from the date of the resolution to pay the dividend. Beyond this period, the Company will have no obligation to pay any unclaimed dividends.

Dividend payment dates

In 2024, the Company paid dividends declared in 2022 and 2023, subject to then applicable regulatory restrictions, to:

  • shareholders who were customers of foreign nominee holders and ADR holders – dividends were paid directly to security holders; the payment was made if information to identify the security holder and other information required to make the payment was available
  • certain categories of shareholders – dividends were paid to type “C” accounts opened with Russian credit institutions.

Dividends

On 22 May 2025, the Company’s Board of Directors recommended that the Annual General Meeting of Shareholder not to pay dividends for the financial years 2024. The resolution will be passed at the Annual General Meeting of Shareholder on 27 June 2025.

Dividend reportEarlier dividend history is available at the Company website. Payments for 2021 included RUB 32.3 billion, or USD 0.5 billion, transferred by the Company to the Central Depositary as dividends payable to ADR holders and shareholders who were customers of foreign nominee holders and subsequently transferred back to the Company.
Reporting period for which dividends were paid Dividends paid Dividends declared
USD mln RUB mln Per share (RUB) Total dividends (RUB mln)
2024 0 0 0 0
2023 1,480 130,613 915 139,920
2022 0 0 0 0
2021 6,196 410,917 2,689 411,109
2020 3,532 259,893 1,645 260,245

Dividend tax

Taxation of dividend income (%)
Individuals Legal entities
Residents 13/15In 2024, resident income above RUB 5 million per taxable period was subject to a 15% tax. 13Or 0%, if at the date of the dividend resolution a Russian entity has owned 50% (or more) of shares (15% or more if the owner is an international holding company) in Nornickel’s authorised capital for 365 days (or more).
Non‑residents 15 15

Under international double tax treaties to which the Russian FederationExecutive Order of the Russian President No. 585 dated 8 August 2023 suspended the main provisions of double tax treaties between Russia and “unfriendly” countries. is a party, non‑Russia tax residents may claim a reduced rate of withholding tax on Russia source income.