Gazprom halts dividends after first loss in decades. Shares drop

The Russian government issued a decree on Monday instructing state-owned gas giant Gazprom to halt the dividend payout for 2023. The official reason cited is the company's first loss in decades. The company's shares reacted with sharp declines on the Moscow stock exchange.

Gazprom is experiencing substantial declines on the Moscow stock exchange due to the Russian authorities' decision to ban the fuel giant from paying out dividends. The decision follows the company’s first annual net loss since 1999, amounting to $7 billion, caused by the collapse of gas exports to Europe following Russia's aggression against Ukraine and the escalation of the political conflict.

Read More: https://www.msn.com/en-us/money/markets/gazprom-halts-dividends-after-first-loss-in-decades-shares-drop/ar-BB1mMUz2