* This content was produced in Russia, where the law restricts coverage of Russian military operations in Ukraine.

MOSCOW, April 28 (Reuters) - Norilsk Nickel's board has recommended not paying dividends on its 2022 results for the first time in 14 years, citing "negative geopolitics", but may consider paying interim dividends, the Russian mining group said on Friday.

Increased geopolitical risks have impacted the company's financial results and created new challenges for its operational and sales activities, as well as for the successful implementation of strategic projects, Nornickel said, without directly referring to the Ukraine conflict.

An expected increase in its tax burden and the cost of servicing the company's debt portfolio were also factors the board took into account, Nornickel said.

It mentioned the "possible increase in sanctions pressure and a drop in prices for a basket of metals due to a global economic slowdown" as other potential risks.

However, it said it may propose the board consider an interim dividend if the company generates positive cash flow and maintains comfortable debt leverage.

Shares in Nornickel, which had paid 411.1 billion roubles ($5.12 billion) on 2021 results, dropped around 3% in Moscow.

"This was a difficult decision, which was driven by extraordinary circumstances," said Chief Financial Officer and Senior Vice-President Sergey Malyshev.

"The external environment has not only led to a worsening of the company's financial condition, but has also put Nornickel into conditions of a high degree of uncertainty."

A source close to Nornickel said maintaining financial stability was the main priority.

"There is no huge cushion in the form of cash and the ability to refinance, so maintaining a conservative policy is better," the source said.

When dividends were low on 2020 results, Nornickel undertook a share buyback to compensate. The source said there was no money available to fund a buyback this time around.

Nornickel dividends are a sensitive subject. Disagreements over them have been the main reason for on-and-off rows between its powerful rival shareholders for years.

A decade-old shareholder agreement protecting Nornickel's dividend payouts expired at the end of 2022, sparking a dispute between Nornickel's chief executive and largest shareholder Vladimir Potanin and aluminium producer Rusal, Nornickel's second-largest shareholder.

Rusal said it saw no economic reasons for the decision.

"It will not affect Rusal's operations," the company said. "However, its impact on the terms of realising future investment projects requires additional analysis and reflection." ($1 = 80.2205 roubles) (Additional reporting by Caleb Davis; Writing by Alexander Marrow; Editing by Mark Trevelyan, Jonathan Oatis and Alexander Smith)