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Energy

Gazprom says more sanctions could disrupt gas to Europe

Russian gas giant Gazprom warns that more sanctions could hurt its business at a time of already falling profits, and potentially disrupt crucial supplies to Europe.

Russia´s Gazprom said Tuesday that an expansion of Western sanctions related to the dispute in Ukraine could carry serious consequences for its business and disrupt gas supplies to Europe

The fresh warning about disruptions comes just as the US and Europe announced a new round of sanctions against Russian companies and business close to Russian President Vladimir Putin. Gazprom and its CEO Alexi Miller were not included in the expanded list.

Can Russia derail Europe's economy?

Gazprom, which has contracts for about 30 percent of the natural gas delivered to Europe, is in a dispute with Ukraine over gas pricing.

Its latest financial report says the dispute carries the danger of disrupting gas flowing to Europe over pipelines passing through Ukraine.

Consumers concerned

The financial report shows Gazprom net profit sunk by seven percent in 2013 to the equivalent of $35.7 billion. Moscow is often suspected of using Gazprom to promote its foreign policy aims.

Germany's GfK market research company says that consumers are beginning to be concerned about consequences of the conflict in Ukraine. The EU begins talks with Russia and Ukraine in Warsaw on Friday about gas supplies.

rs / kc (Reuters, AFP)

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