Gazprom, the state-owned pure gasoline firm that could be a pillar of Russia’s economic system, introduced on Tuesday that its revenue for 2022 plunged by greater than 40% and stated it will not pay a full-year dividend.

The information despatched Gazprom shares down about 4% on the Moscow inventory change. The state owns barely greater than 50% of the corporate.

Profits for the 12 months have been 1.226 trillion rubles (£12.4 billion), 41% decrease than in 2021.

The firm cited a windfall imposed final 12 months to spice up the federal government’s coffers as the explanation for the decline.

But Gazprom additionally has misplaced most of its European clients amid the battle in Ukraine and has tried to bolster its export enterprise with elevated provides to China and different markets.