Gazprom PJSC

According to the Financial Times, four managers of Gazprombank’s Luxembourg branch bought large volumes of foreign Gazprom bonds at fire-sale prices and exchanged them for equivalent ruble bonds at full value, a swap that calculations show yielded more than €9 billion in profit. The transactions raise questions about possible circumvention of EU sanctions and misuse by insiders; the bank denies unlawful conduct. An investigation by Luxembourg regulator CSSF in March 2023, the report says, ended without fines. » More on manager-magazin.de

The Russian bourse has been undergoing a heavy sell-off for months; the benchmark iMOEX index has lost about 30 percent this year and briefly fell below 1,900 points. Gazprom shares hit a record low not seen since 2006, weighed down by sanction risks, possible U.S. punitive tariffs, the Power of Siberia 2 pipeline project and a lack of dividend prospects. Additional drivers include dividend cuts at major banks, refinery damage from drone attacks, rising inflation and the central bank’s tight monetary policy. A short-term stabilization emerged, but a sustained trend reversal is not yet secured. » More on welt.de

The Federal Public Prosecutor's Office is investigating a Russian suspect for aiding attempted constitutionally hostile sabotage and violations of the Foreign Trade and Payments Act in the context of the transfer and planned liquidation of the former Gazprom subsidiary Gazprom Germania. Investigators searched premises in Berlin and Frankfurt; there were no arrests. According to authorities, the liquidation of Gazprom Germania would have endangered Germany's gas supply because the company held large storage capacities; the Economy Ministry prevented the dissolution in 2022 by appointing the Federal Network Agency as trustee. Gazprom Germania was later nationalized as Securing Energy for Europe, and the federal government must reduce its stake by 2028 under an EU condition. » More on finanzen.net

The Federal Court dismissed an appeal by the Russian gas company GAZPROM. » More on finanzen.net

US sanctions forced Gazprom to exit the Serbian energy company NIS and have weakened President Aleksandar Vučić’s domestic standing. The Hungarian group MOL is seen as a possible majority buyer; its share price has surged on takeover rumours. The deal reduces Moscow’s influence in the Western Balkans and shifts the regional energy order in Hungary’s favour, while EU policy on Russian energy imports remains hotly contested. » More on faz.net