Gazprom Profits Drop 86% in 2014 on Russian Ruble Fall

Gazprom has reported a big drop in its annual profits after being hit by the fall in the value of the Russian currency.

Russia’s largest energy company reported a net profit of 159 billion rubles ($3.1 billion) for 2014, down 86% from a 1.14-trillion-ruble profit in 2013.

Last year’s fall in oil prices also contributed to the plunge in Gazprom’s profits.

At the same time, a debt and pricing dispute meant Gazprom cut gas supplies to Ukraine, one of its key markets.

Meanwhile, gas sales to Europe and other countries declined by 8.5%.