Gazprom makes record £36bn profit as Western sanctions fail to bite

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Russian gas giant Gazprom has made a record profit of 2.5 trillion roubles (£35.8bn) in the first half of the year despite Western sanctions.

Gazprom’s board has recommended paying a dividend worth £8.6bn to the Russian government which owns 49.3pc of the company’s shares after confirming its base for payouts had reached 2.4 trillion roubles.

The board has suggested delivering a payout of 51.03 roubles per ordinary share or a total payout of 1.208 trillion roubles, subject to shareholder approval.

Famil Sadygov, Gazprom’s deputy chief executive, said the company had delivered record revenues “despite sanctions pressure and an unfavourable external environment”.

Russia’s gas revenues have grown substantially owing to the uptick in wholesale gas prices.

Analysts at Capital Economics have warned that Mr Putin could cut gas exports to Europe by 20pc for up to three years and block supplies completely for a year without harming the Russian economy due to spiralling prices.

Rising petrol prices and higher oil export volumes could boost Russia’s takings from energy exports by 38pc to $337.5bn (£289.6bn) this year, according to documents seen by Reuters.

Britain recently reported that it had imported no energy from Russia for the first time on record after a collapse in trade due to the invasion.

The Office for National Statistics said imports from Russia had fallen by 97pc and stood at only £33m in June as sanctions took hold. In the year leading up to the war, the UK imported an average £499m of Russian fuel, which has since been replaced by imports from Saudi Arabia, Kuwait, the Netherlands and Belgium.

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