MOSCOW, August 10. /TASS/. The board of directors of Raspadskaya has recommended not to pay dividends for 1H 2023, Russia’s major producer of coking coal said in a statement.

"The Board of Directors has recommended not to pay dividends for 1H 2023," the statement reads.

"The Board of Directors does not currently consider the payment of dividends to be in the best interests of the company and its shareholders given the persistently high volatility in key sales markets, geopolitical developments and existing restrictions, as well as the business growth plans and financial result for the reporting period," Chief Executive Officer Ilya Shirokobrod was quoted as saying.

The company did not pay dividends for 1H 2022 either.

Raspadskaya’s production complex includes seven mines, two open-pit mines, and three processing plants in the Kemerovo Region, as well as one mine in the Tuva Region. The company’s reserves total 1.9 bln tons of coal.

Evraz owns around 93.24% of shares in Raspadskaya.