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Russia’s Gazprom Reports Record Profits as Gas Prices Soar

Europe receives a third of its gas supplies from Russia and has seen energy prices surge to record highs in recent months.

Gazprom has been criticized in Europe for its role in the continent's gas price crisis. Peter Kovalev/TASS

Russian gas giant Gazprom on Monday said its net income rose to a record 582 billion rubles ($7.8 billion) in the third quarter on the back of soaring gas prices in Europe.

Europe receives a third of its gas supplies from Russia and has seen energy prices surge to record highs as economies have come back online after the end of pandemic lockdowns.

In a statement, Gazprom Deputy Chief Executive Famil Sadygov linked the company's record quarterly profits to Europe's gas crisis and said he was expecting even better results in the fourth quarter. 

"Clearly, the price of our supplies to Europe will be significantly higher in the fourth quarter, which will have a positive effect on results for the entire year," the statement said. 

Some Western critics have accused Moscow of intentionally limiting gas supplies to Europe and driving up prices in an effort to hasten the launch of Nord Stream 2 — a controversial pipeline to Germany in which Gazprom holds a majority stake. 

Russia denies the claim and earlier this month said it begun implementing a plan to restock European gas storage facilities. 

Germany's energy regulator this month suspended the approval process for the Baltic Sea pipeline over a legal hurdle, dealing another setback to the geopolitically sensitive project.

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