Russia - 04

Russia: Gazprom: Financial Dark Clouds, But Bright Political Outlook

Gazprom’s 2016 financial results reported last week have received positive media coverage, with the monopoly’s 20% increase in net profits making headlines. The picture behind the profit numbers, however, is not as rosy. As much as half of the profits is attributed to foreign exchange gains caused by the rouble’s appreciation in 2016. In the meantime, the company’s operating profits dropped by 41% in rouble terms, despite a surge in sales volumes to Europe.

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