Save for later Print Download Share LinkedIn Twitter Gazprom plans an 18% cut in dividend payments for 2020 -- a year in which the Russian gas giant's revenue was hit hard by a decline in its export volumes, lower prices and fierce competition from LNG suppliers. If approved, it would be the second consecutive year of dividend cuts for Gazprom after a reduction of 8% for 2019, which reflected the shift to a new dividend policy (IOD Apr.15'20). The company’s management board has proposed paying 297.1 billion rubles ($3.9 billion or 12.55 rubles per share) for 2020, down from 15.24 rubles/share for 2019. The proposal still has to be approved by the board of directors and then goes to a vote by shareholders. The proposed 2020 dividend represents 50% of Gazprom’s net profit calculated under International Financial Reporting Standards (IFRS). Under the new dividend policy, Gazprom had planned to pay 40% of its net profit in 2020 dividends, up from 30% in 2019, before reaching the targeted 50% level for the 2021 dividends. Management increased the planned payout for 2020 after exports and prices recover in the first quarter of this year.