Gazprom Neft waives moratorium on bankruptcy, retains right to pay out dividends

MOSCOW. May 11 (Interfax) - PJSC Gazprom Neft has waived the moratorium on initiating bankruptcy proceedings based on petitions filed by creditors, according to the company's statement posted at the Fedresurs unified federal register of important information on legal entities and individual entrepreneurs.

Consequently, Gazprom Neft will not be subject to the moratorium imposed by the resolution of the Russian government dated March 28, 2022.

As of April 1, 2022, the government has introduced a six-month moratorium on initiating bankruptcy proceedings based on petitions filed by creditors regarding legal entities, individual entrepreneurs, and citizens. An issuer must waive the moratorium in order to retain the right to pay out dividends and redeem shares via a buyback.