diff --git a/Python/import.c b/Python/import.c
index cc7417ba84e..dc79685abd4 100644
--- a/Python/import.c
+++ b/Python/import.c
@@ -1735,6 +1735,7 @@ PyImport_ImportModuleLevelObject(PyObject *name, PyObject *globals,
         }
     }
     else {
+        Py_XDECREF(mod);
         mod = import_find_and_load(abs_name);
         if (mod == NULL) {
             goto error;