The political risk surrounding Gazprom (OGZPY) has always been high. But it's never been higher than it is right now. With three major pipeline projects in various stages of completion, the company is at its most vulnerable to changes in the political landscape.
This vulnerability is reflected in the firm's year-end earnings report where, in broad strokes, revenue, gas deliveries, oil production, and gross margins were up, and bottom-line profit was down.
The main reasons for this were the Stockholm arbitration award to Naftogaz that, while still under dispute, has to be reflected