Gazprom's friends in high places
The Kremlin has killed plans to increase dividends at state firms. Gazprom is off the hook again
Firmer oil prices have left the Kremlin feeling generous—to its friends. Russia's government has decided not to fulfill a decree to force state companies to pay out dividends worth 50% of profits. Gazprom is a major beneficiary. Investors who took the plunge on the back of the government's pledge lose out. A move to double the company's dividends was described last year by Citigroup's veteran Russia analyst Ron Smith as "a potential game changer". But that potential won't be realised and the big losers are portfolio investors who piled into Gazprom, Rosneft and Transneft, each state controlled, expecting that payouts would rocket from their current levels. The Kremlin's calculus changed afte
Also in this section
1 April 2026
Golden Pass’s startup offers QatarEnergy a timely boost but may also force a difficult choice between honouring disrupted contracts and capitalising on soaring spot LNG prices
1 April 2026
It is not a case of if or when, but the length and magnitude of economic damage from elevated oil prices
1 April 2026
The US-Iran conflict demonstrates the need for diversification in several senses of the word. It also exposes the limits of Washington applying pressure on major oil and gas producers it considers geopolitical adversaries
31 March 2026
Disappointing results in its bidding round are a reality check for Libya, and global exploration generally
