Gazprom’s future is facing increasing uncertainty as Europe races to reduce its dependence on Russian gas. Gazprom possesses the world’s largest reserves of natural gas, but losing one of its biggest markets could crush its profitability. “Gazprom is not just losing a commercial opportunity — and taxes for the state — but also actively destroying its own market,” Nadia Kazakova, an energy analyst said. When senior managers at Kremlin-controlled natural gas producer Gazprom arrived in New York in February 2020 to present a business update to U.S. investors, the company had just wrapped up the best three-year stretch in its export history. Gazprom had delivered an average of nearly 200 billion cubic meters (bcm) of natural gas a year via pipeline to Europe, including […]