diff --git a/Objects/dictobject.c b/Objects/dictobject.c
index 00658a8ac35bcf..59b0cf1ce7d422 100644
--- a/Objects/dictobject.c
+++ b/Objects/dictobject.c
@@ -4851,7 +4851,8 @@ dict_new(PyTypeObject *type, PyObject *args, PyObject *kwds)
 
     d->ma_used = 0;
     d->_ma_watcher_tag = 0;
-    dictkeys_incref(Py_EMPTY_KEYS);
+    // We don't inc ref empty keys because they're immortal
+    assert((Py_EMPTY_KEYS)->dk_refcnt == _Py_DICT_IMMORTAL_INITIAL_REFCNT);
     d->ma_keys = Py_EMPTY_KEYS;
     d->ma_values = NULL;
     ASSERT_CONSISTENT(d);