(Bloomberg) -- The world's most generous dividends are going a-begging as the strongest quarterly rally since 2012 in emerging markets leaves Russian stocks behind.

Investors are ignoring an estimated payout of 5.3% in the next 12 months as they dump Moscow-listed shares on concern the U.S. won't ease sanctions on Russia as quickly as previously expected. The dividend yield is the highest among markets with at least $100 billion in capitalization and is even higher than sovereign-bond yields. But Russia still struggles to attract inflows.

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