A day after the company said it wouldn't be paying dividends for the first time in over a decade, the shares of the company plummeted.
According to a post on the company's official Telegram channel, the deputy chairman of the management committee said that shareholders decided not to pay dividends in the future. According to the Financial Times, the Russian state is the biggest shareholder in the company.
The board's recommendation to pay a record 52.53 rubles per share was reversed on the announcement. The company reported all-time high profits in 2021.
The plan by the Group of Seven to cap Russian oil prices came as a surprise to the company. The powerful group of the world's most economically developed democracies is trying to stop Russia from funding its war in Ukraine.
Natural-gas exports to countries outside the Commonwealth of Independent States fell almost 28% in the first five months of the year, despite high energy prices, according to a report.
The gas titan cut natural-gas flows to Europe after some countries refused to pay in rubles, and after a key piece of equipment got stuck in Canada, where it had been sent for repairs.
He said that the company needed to be prepared to pay more taxes. According to the price of Russian crude and Interfax news agency, Russia's Finance Ministry is planning to raise the price of gas.
The share prices of other Russian energy companies fell on Thursday. The board of the state-owned oil company recommended a record dividend for the second half of the year.
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