The Moscow Times: Russia's Gazprom Braces for Tough Year as Demand Slumps

Gazprom, the giant natural gas company that traditionally provides around a fifth of Russia’s budget revenue, is facing a challenging year.

The state-owned company is confronting slumping revenues from its key European export market, a “black hole” in Ukraine and massive debt inflation due to the steep devaluation of Russia’s ruble over the past year.

Added to these problems, sanctions imposed over Moscow’s actions in Ukraine have restricted Gazprom’s access to Western capital and advanced equipment, just as the company embarks on a massive infrastructure development drive aimed at restructuring its approach to Europe and entering the rising Asian market.

As a result analysts expect the firm to see its earnings continue to slide well into 2016.

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