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Gazprom, the state-owned natural gas company that is a pillar of Russia’s economy, announced Tuesday that its profit for 2022 plunged by more than 40% and said it wouldn’t pay a full-year dividend.
The news sent Gazprom shares down about 4% on the Moscow stock exchange. The state owns slightly more than 50% of the company.
Profits for the year were 1.226 trillion rubles ($15.4 billion), 41% lower than in 2021.
The company cited a windfall imposed last year to boost the government’s coffers as the reason for the decline. But Gazprom also has lost most of its European customers amid the conflict in Ukraine and has tried to bolster its export business with increased supplies to China and other markets.
Russian economy as a whole. It was said that Russia could sustain their economy for a period of two years, even under the sanctions, and they very well could, but not at a level of comfort.
Imports of Russian coal into China are high now partly due to the heatwave it's currently facing. This fuel is primarily used to generate power for electricity and air-conditioning.
That's on the back of a record heatwave in the region, which is driving the demand for air-conditioning.