Russian gas giant Gazprom GAZP.MM has decided not to pay dividends on last year’s results, the first time it will not pay out since 1998, sending its shares plunging 24%.

“The shareholders decided that in the current situation it is not advisable to pay dividends based on the 2021 results,” Deputy CEO Famil Sadygov said.

“Gazprom’s priorities currently are implementation of its investment program, including Russian regional gasification,” he said.

Gazprom shares plunged 24% on the decision, which reversed a board recommendation to pay a dividend of 52.53 roubles per share in what would have been its biggest payout.
Source: Reuters (Reporting by Reuters; editing by Jason Neely)