Russia’s Gas Giant Will See Revenues Surge 85% This Year

Russia’s gas giant Gazprom is set to rake in 85% higher revenues this year, to around $100 billion, as natural gas prices surged following the Russian invasion of Ukraine and the significant cut to Russian pipeline gas exports to Europe, an analyst told the Financial Times on Friday. By choking supply to Europe, Gazprom has driven natural gas prices three times higher than last year’s price, which more than offsets the lower volumes Russia is sending to Europe, Ron Smith, an oil and gas analyst at BCS Global Markets, told FT. “You…