Dmitry Zhdannikov
March 5, 2014

Europe will become even more dependent on Gazprom’s gas supplies in years to come, the Russian state company said this week, despite calls for sanctions against Moscow over the Ukraine crisis.

With its stock down more than 13pc amid market jitters over the stability of Russian gas flows via Ukraine, Gazprom’s management was upbeat as it held its annual meeting with investors in London this week.

“Gazprom has increased its share in European markets because Europe’s domestic production has fallen in countries such as Britain and Norway. We see no signals that the situation in Europe will change,” Gazprom deputy head Alexander Medvedev said.

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Editor’s note: The untold story behind the crisis is that this is an energy tug of war being fought between Russia and the west, with Ukraine caught in the middle.

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