Gazprom refuses to pay shareholders this year

All shareholders of Russian majority state-owned Gazprom will not get dividends on last year’s financial results.

This marks the first time the energy giant chose not to pay dividends since the date 1998.

Gazprom’s Deputy Chief Executive Officer Famil Sadygov stated: “The shareholders decided that in the current situation it is not advisable to pay dividends based on the 2021 results.”

The company plans to invest 526bn roubles (£8bn) in Russia’s regional gasification and pay increased taxes.

It has been announced that Gazprom’s shares moved over 20 percent on the verdict.

“While the company made record earnings last year as a result of climbing energy prices, it was hit hard by the sanctions and geopolitical tensions caused by the Russia Ukraine conflict, Walid Koudmani, Chief Market Analyst at financial brokerage XTM, stated.

“Despite the possibility of this being a calculated risk which caused share prices to drop noticeably, it could lead to the necessary measures being taken in the mid to long term to maintain effective supply, particularly in Russia.”

Gazprom refuses to pay shareholders this year

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