OGZPY - Gazprom Risk Rises As Ukraine Falters

• Surging natural gas prices in Europe bring more cash to Gazprom, underscoring its market clout.
• Gazprom share price is growing, but investors must not get complacent as political risk looms large.
• Ukraine is the key subject to watch; If its energy sector collapses, Gazprom is likely to face serious sanctions.
• The Ukrainian government’s recent anti-market, anti-reform measures push energy sector towards the brink.
• Ukraine’s low gas storage levels, inability to borrow money and Gazprom’s hardball tactics set the stage for a perfect storm.

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