Gazprom Shares Tumble After Shareholders Vote Against Record Dividend By

© Reuters

By Scott Kanowsky 

-- Moscow-listed shares in Gazprom (MCX:GAZP) tumbled by more than 25% on Institutional Foreign Exchange TradingThursday, after shareholders in the Russian energy company decided against a record-breaking dividend.

Gazprom's board had recommended paying out a dividend of 52.53 rubles, but stakeholders vetoed the move at the company's annual meeting.

"The shareholders decided that in the current situation it is not advisable to pay dividends based on the 2021 results," Gazprom deputy chief executive Famil Sadygov said, according to Reuters.

Meanwhile, the ruble pared back some gains made against the dollar, following the announcement, but remains around its strongest level against the greenback since May 2015. The currency has been supported recently by a spike in global energy prices, as well as reactionary measures taken against Western financial sanctions at the onset of the war in Ukraine.

As of 05:17 EST (0917 GMT), USD/RUB had strengthened by 0.78% at 52.4744 to the dollar.

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