diff --git a/Python/pystate.c b/Python/pystate.c
index c0e088055a60fc0..71494daa471a269 100644
--- a/Python/pystate.c
+++ b/Python/pystate.c
@@ -377,6 +377,7 @@ PyState_RemoveModule(struct PyModuleDef* def)
         Py_FatalError("PyState_RemoveModule: Module index out of bounds.");
         return -1;
     }
+    Py_INCREF(Py_None);
     return PyList_SetItem(state->modules_by_index, index, Py_None);
 }