Categories: Latest News

Russia’s state-owned gas company has posted record profits despite Western states targeting the country with sanctions.

Published by
Reporter
Despite Sanctions: Russian State Gas Company Posts Record Profits

Russia’s state-owned gas company has posted record profits despite Western states targeting the country with sanctions. Despite efforts to massively damage Russia’s economy in replication to the country’s incursion of Ukraine, Moscow’s energy industry appears that it is perpetuating to boom, with Vladimir Putin’s state-owned gas company Gazprom posting record half-year profits on Tuesday thanks to soaring natural gas prices ecumenical.

The company has since promulgated that it has consummately halted gas distributions to Europe via its major Nord Stream pipeline for what are ostensibly reasons to do with repairs, leaving bigwigs in Europe to sweat over whether the supply will ever be turned back on again.

According to a report by Der Spiegel, Gazprom posted a six-month profit of around 2.5 trillion rubles, roughly identically tantamount to $41 billion. This is compared to the company’s precedent record annual profit of 2.09 trillion rubles which it posted last year, a much more minute sum especially when the value of the now surging ruble is factored into the equation.

Gazprom is now orchestrating on paying investors an interim dividend of 51.03 rubles per share for the first a moiety of this year, though such a move now has to be approved by shareholders, the most paramount of which is the Russian regime, which has over a 50 per cent stake in the company.

News of surging Gazprom profits will likely be visually perceived as a blow for Western lawmakers, who have been making concerted efforts to grind down the Russian economy in replication to Moscow’s incursion of Ukraine.

However, while many in Europe and beyond are putting on an intrepid face for the crisis, it appears that it is the relishes of Italy and Germany who are gradually being ground down, with Gazprom once again halting the supply of gas to Europe through its Nord Stream 1 pipeline in order to — it claims — perform repairs on components of the system.

This has once again prompted fears from politicians who have sanctioned their countries to become reliant on Russian energy exports, with it being visually perceived as possible that the Kremlin may decide to once again minimize the supply of gas when reactivating the pipeline, should they decide to reactivate it at all. “Germany’s” Federal energy network verbally expresses the claim of a shutdown of the pipeline for repairs is ‘incomprehensible‘ and verbalizes this is authentically a penalization of Germany for opposing Russia’s war against Ukraine.

Despite everything, German Chancellor Olaf Scholz claims that his country — despite massive perpetual difficulties to do with securing energy supplies for the coming months — is now prepared for the winter.

“…we have done what is indispensable and can do even more to get through this winter and next winter,” the Chancellor declared, verbalizing that the country had managed to store more gas than many expected it would be able to.

However, such confidence appears to be disputable at best as others in the country admonish that there could be gas riots in the country over the coming winter as many are left unable to congruously heat their own homes.

Follow Peter Caddle on Twitter: @Peter_Caddle Follow Breitbart London on Facebook: Breitbart London


Source: You can read the original Breitbart article here.

This News Article is focused on these topics: Economy, London / Europe, Politics, business, Energy, Energy Crisis, Europe, Gas, Gas Crisis, Gazprom, Germany, Nord Stream 2, Russia, Russian gas

Recent Posts

Kari Lake Says Katie Hobbs Created ‘Major Ethical Problem’ by Not Recusing Herself

Kari Lake Says Katie Hobbs Created ‘Major Ethical Problem’ by Not Recusing Herself Arizona Republican…

11 mins ago

Raskin: GOP Freedom Caucus Floating Trump for House Speaker

Raskin: GOP Freedom Caucus Floating Trump for House Speaker Representative Jamie Raskin (D-MD) claimed Sunday…

12 mins ago

PHOTOS: Tiffany Trump Marries Michael Boulos in Lavish Mar-a-Lago Wedding

PHOTOS: Tiffany Trump Marries Michael Boulos in Lavish Mar-a-Lago Wedding Tiffany Trump espoused sweetheart Michael…

23 mins ago

Cotton on Trump: Republicans ‘Don’t Have a Single Leader’

Cotton on Trump: Republicans 'Don't Have a Single Leader' Senator Tom Cotton (R-AR) said Sunday on…

42 mins ago

NH Gov. Sununu on Supporting Trump in 2024: ‘Not Really’

NH Gov. Sununu on Supporting Trump in 2024: ‘Not Really’ Governor Chris Sununu (R-NH) verbally…

57 mins ago

Prime Minister Rishi Sunak is reportedly preparing to introduce a “growth visa” to bring in more workers to Britain.

Open the Gates: PM Sunak Planning on ‘Growth Visa’ to Bring in More Migrants to…

1 hour ago