Gazprom Is Making Record Profits This Year

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Russia's state energy group Gazprom is making record profits. One analyst estimates that Gazprom revenues could jump 85% this year to $100 billion. The EU is considering a cap on the price it'll pay for Russian gas. This FT is ultimately means higher borrowing costs. It comes at a time when inflation is already running quite high.

King Charles heads to Scotland today, UK financial markets are bracing for Liz Truss’s energy package, and Russia’s Gazprom is making record profits even though it’s shipping a fraction of the gas to Europe that it did last year.

Mentioned in this podcast:

King Charles seeks to fortify the UK with tour of nations

Queen Elizabeth II: inside the royal finances

UK energy package will weigh on gilts and pound, analysts warn

High gas prices help Gazprom compensate for supply cuts

Ukraine’s Reznikov warns on Russian counter-attack

The FT News Briefing is produced by Fiona Symon, Sonja Hutson and Marc Filippino. The show’s editor is Jess Smith. Additional help by Peter Barber, Michael Lello, David da Silva and Gavin Kallmann. Topher Forhecz is the FT’s executive producer. The FT’s global head of audio is Cheryl Brumley. The show’s theme song is by Metaphor Music.

Read a transcript of this episode on FT.com

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