OGZPY - Gazprom cancels dividend for first time since 1998

Russian gas giant Gazprom ( OTCPK:OGZPY ) said Thursday it will not pay dividends on last year's results, sending its shares plunging as much as 27% on Moscow's stock exchange.

The decision - the first time since 1998 that Gazprom ( OTCPK:OGZPY ) has not paid a dividend - reportedly reversed a board recommendation to pay a dividend of 52.53 rubles ($1) per share in what would have been its biggest payout .

Gazprom ( OTCPK:OGZPY ) reported record earnings in 2021 due to surging commodity prices, but economic sanctions following Russia's invasion of Ukraine threatens to cut its revenues.

The European Union, which has been receiving 40% of its gas via Russian pipelines, is trying to cut its reliance on Russian gas .

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