For the first time since 1998, Russian natural gas giant Gazprom (OGZPY) has decided not to pay dividends to its shareholders.

Gazprom shares fell 27% on news of the canceled dividend, which reversed a board recommendation to pay a dividend of 52.53 roubles ($1 U.S.) a share.

Gazprom is the largest publicly listed natural gas company in the world and the largest company in Russia by revenue.

Read:

• Innovative Food Stocks Responding to Conflict-, and Drought-Driven Food Supply Shocks

• Crypto Miners Finding Success While Shifting Towards Environmentally Sustainable Operations

• New Approaches Towards Immunotherapy Give Hope in Fight Against Solid Tumors

• As a Major Social Media Shuffle Looms, Uptake and Value of Dogecoin (DOGE) Surges

• New Regions Being Developed to Produce More Oil Amid Government’s Calls for More Output

The decision by Gazprom to halt its dividend payment comes as the Group of Seven (G7) leading industrialized nations plan to cap the price of Russian oil and gas as a way to prevent Moscow from profiting from its invasion of Ukraine.

In a news release, Gazprom did not mention either the G7 cap on gas prices or its reduced gas flows to Europe, both of which threaten to cut its revenue and tax payments to the Russian government.