Gazprom is a bellwether of Russia’s constraints and divisions. The natural gas behemoth dominates its sector in the Russian economy and is one of the Kremlin’s favorite foreign policy tools. However, the company has had to alter its strategy quickly and often to adapt to divisive politics at home and changes in energy sectors and markets abroad. One of its current strategies — to cope with shrinking demand from Europe, its largest export market, by sending more supplies eastward — is encountering problems. The company is running out of funds to complete its eastward-looking projects. Gazprom’s rivals in Russia will use the company’s financial difficulties as an opportunity to break the giant’s hold on the Russian natural gas sector.

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