Gazprom shares drop to 16-year low

Shares of Russian gas giant Gazprom on Tuesday plunged to their lowest since January 2009, to 106.1 rubles apiece.

This is reported by The Moscow Times, Ukrinform saw.

This is 2.4% lower than Monday's closing level.

Overall, Gazprom's securities have degraded by 33.5% since early 2024.

The shares began their fall about a week ago after the European Commission said that the EU was ready to stop the transit of Russian gas and did not expect a significant impact on prices. On Tuesday, the European Commission confirmed to Bloomberg that the EU was ready to terminate the transit agreement and secured alternative sources of supply.

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The decline in gas exports also reduced the company's profits. Gazprom lost more than 80% of its European exports against 2021, with supplies falling to 28 billion cubic meters, the level of the second half of the 1970s.

According to Oleg Abelev, head of the analytical department at the Rikom-Trust investment company, in the near future the range of 100-115 rubles per share would be the maximum for Gazprom.

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As Ukrinform reported, on November 27, the weakening Russian ruble almost collapsed Gazprom shares to $1 per unit.

Also recently, the Austrian company OMV terminated the contract with the Russian Gazprom, which provided for the supply of fuel until 2040.

Photo: EPA