A fat check for the Kremlin: It will receive a quarter of a trillion from Gazprom’s profit

The Russian state owns 50.2 percent of Gazprom, so it will get half of the roughly $20 billion, or 1.21 trillion rubles, that the company proposes to pay out to its investors as part of an interim dividend. The amount of the dividend will be decided definitively on September 30 at an extraordinary general meeting of shareholders, Business Insider reported.

Gazprom is benefiting significantly from the sharp increase in the price of gas on the market and on Tuesday announced a record half-year profit of 2.5 trillion rubles (roughly one trillion CZK). For comparison, in the first half of 2021, Gazprom earned “only” 968 billion rubles.

In June, the gas giant announced that it would pay no dividend for last year, and its shareholders did not receive an annual dividend for the first time since 1998. The company’s shares reacted to this by falling by almost 30 percent. But they jumped by 25 percent after the publication of the profit for the first half of this year on Tuesday, Bloomberg reported.

Thanks to record profits, Gazprom will accelerate the construction of gas pipelines to China

Economy

For the Russian government, the fat half-yearly dividend is a nice band-aid for the extensive economic sanctions imposed on Russia by the West for its military invasion of Ukraine. Europe is highly dependent on Russian gas, and despite a number of sanctions, including a partial embargo on the import of Russian oil, it continues to take gas from Russia, thereby indirectly helping to finance Russia’s military campaign in Ukraine.

The article is in Czech

Tags: fat check Kremlin receive quarter trillion Gazproms profit

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