Shares of Russia's Gazprom hit 15-year low amid market pressure

Shares of Gazprom, Russia’s state-owned energy major, fell below 100 roubles ($1.35) on June 22 for the first time since 2009, according to data from the Moscow Exchange, Reuters reported.

The company’s stock has been under sustained pressure amid multiple challenges, including Europe’s shift away from Russian energy following the conflict in Ukraine.

Experts estimate that fluctuations in global oil prices linked to diplomatic progress between the United States and Iran, as well as the absence of a new gas supply agreement with China, may have contributed to the decline.

Analysts also pointed to recent Ukrainian drone strikes on a Moscow oil refinery operated by Gazprom Neft as another factor affecting investor sentiment.

In addition, the company has not issued dividends in recent years, which has further weakened market confidence.

According to exchange data, Gazprom shares fell 3.67% on the day to 100.65 roubles, briefly touching 99.9 roubles during trading.

Over the past 12 months, the stock has lost roughly one-fifth of its value, reducing Gazprom’s market capitalisation to about 2.382 trillion roubles ($32.15 billion). This stands in sharp contrast to earlier management projections from 2008, which had once envisioned a $1 trillion valuation.

Stabil.Az