Russian intrigue

No sooner had energy giant Gazprom launched its debut Eurobond last month than the lawsuits began to fly. John Northfield investigates.

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Lots of epithets can be applied to Russia’s Gazprom, but boring is certainly not one of them. Formed in 1989 from the assets of the Soviet Union’s gas ministry, it is the global leader in its field, supplying almost all of central and eastern Europe’s and 20% of western Europe’s needs.

In a Russian context it is a true behemoth, producing 94% of the country’s gas, 8% of GDP and contributing 25% of all tax revenues to the federal budget. It is also a major employer, with more than 300,000 staff

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