On Feb. 5, the Cabinet of Ministers set the basic dividend pay-out ratio for SOEs at 80%, but SOEs can choose to pay higher dividends. According to Oleksii Sobolev, Deputy Economy Minister, the 2024 state budget expects total dividends from SOEs to be more than Hr 66 billion ($1.7 billion). As we wrote in Issue 115, Naftogaz Group paid over Hr 90 billion ($2.4 billion) in taxes in 2023.