The fall in the value of the rouble and a drop in oil prices are two of the factors which have led to a plunge in profits for Gazprom. Russia’s largest energy company was hit with an 86 percent drop in its profits.
The company reported a net profit of 159 billion roubles – 3.1 billion dollars for 2014 down from 1.14 trillion roubles the year before.
Gazprom was also hit by a debt and pricing dispute which meant it cut its gas supplies to Ukraine, one of its key markets. Gas sales to Europe and other countries declined by 8.5 percent.
“These are challenging times for the company,” was the reaction of one analyst.