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Gazprom shrugs off Ukraine sanctions to report record results

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Russia’s state-owned energy giant Gazprom shrugs off Ukraine sanctions to report record results

Russia’s Gazprom has reported record results despite a barrage of sanctions imposed by the West.

Swathes of money have continued to pour in for the Kremlin-backed oil giant, because it declared £36billion profit for the primary half of 2022.

This has sparked huge dividend payments for shareholders, including £8.6billion for Vladimir Putin’s Russian government, which holds a majority stake.

Record results at Gazprom has sparked huge dividend payments for shareholders, including £8.6bn for Vladimir Putin’s Russian government

Gazprom’s board said on Tuesday it was paying an interim dividend of 51.03 roubles per share, with the entire overall payout value £17billion. This stays subject to shareholder approval at a vote in late September.

Gazprom didn’t pay a dividend for the complete yr in 2021.

Deputy chief executive Famil Sadygov said Gazprom had boasted record figures ‘despite sanctions pressure and an unfavourable external environment’.

Britain and other Western countries have pursued strict sanctions against Russia because it launched its war in Ukraine in February.

This has led to Gazprom significantly curbing its gas supplies to Europe, yet it has continued to money in because of soaring prices.

It has regularly faced criticism for its role in Europe’s mounting energy crisis. Ukraine President Volodymyr Zelensky has said Moscow is using Gazprom ‘to make this coming winter as harsh as possible’ for Europe.

Germany, heavily depending on Russia for gas, has accused it of using energy as a ‘weapon’.

Gazprom’s results revealed its exports to countries outside the previous Soviet Union were down 31 per cent year-on-year.

Yesterday also saw the firm cut off its gas supplies to Germany via the Nord Stream 1 pipeline attributable to maintenance works.

Government data recently revealed that Britain imported no fuel from Russia for the primary time in June.

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