The present invention relates to lubricating compositions comprising a compound of Formula I: wherein R1-R4 and R5-R8 are independently selected from the group consisting of hydrocarbyl groups and hydrocarbyl groups containing heteroatoms, such that the total carbon atoms from counterions Q1 and Q2 is from 8 to 76, and molybdate anion (Y) is a binuclear sulfur-containing dianion selected from the group consisting of [Mo2S8O2]2−, [Mo2S9O]2−, [Mo2S10]2, and mixtures thereof, and are present in the lubricating composition in an amount sufficient to provide about 100-15,000 ppm molybdenum.