May 26, 2022

Taylor Daily Press

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Gazprom achieves record profits in 2021 |  abroad

Gazprom achieves record profits in 2021 | abroad

Gazprom’s turnover – most of which is in the hands of the Russian state – amounted to 10.2 trillion rubles (140 billion euros at current exchange rates), an increase of 62 percent. Net profit jumped from 135 billion rubles in 2020 to 2.1 trillion rubles (28 billion euros) last year.

“The pricing situation, along with a meticulously detailed delivery policy, made this year one of the most successful ever for Gazprom,” said Deputy Director Famil Sadygov. The group fulfilled its obligations, but deliveries to Europe were limited to the replenishment of Russian stocks.

Gazprom is currently in the spotlight for its role in the diplomatic conflict between the West and Russia in the wake of the Russian invasion of Ukraine. Last month, Russian President Vladimir Putin demanded that gas supplies be paid in rubles amid Western economic sanctions against Moscow.

Because Poland and Bulgaria did not pay in rubles, Gazprom shut down the gas taps for those countries on Wednesday† Russia threatened to cut off more customers if they did not comply with his demand.
Moscow wants customers to open two accounts with Gazprombank in Russia: one in foreign currency and one in rubles. Customers pay in euros or dollars, then the banking arm of the energy giant Gazprom converts the money into rubles and transfers it to Gazprom.

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