Public Joint Stock Company Gazprom (OGZPY)
- Reuters
Russian state companies hike salaries amid double-digit inflation
Dominant lender Sberbank and gas giant Gazprom are among the major Russian companies raising salaries from July, faced with double-digit inflation and the need to retain top talent as some workers choose to leave the country. Triggered by Moscow's sending tens of thousands of troops into Ukraine on Feb. 24 and the subsequent Western sanctions that followed, inflation has soared in Russia this year, accelerating to 16.2% as of June 24. Some sectors, namely IT, have had to contend with workers leaving the country, some in opposition to Russia's actions in Ukraine, others seeking opportunities abroad as Russia becomes more isolated.
- Bloomberg
Russia’s Move on Gas Plant Intensifies Competition for Fuel
(Bloomberg) -- Russia’s move to reshuffle ownership of the Sakhalin-2 natural gas project may constrict global markets even more by pushing Japan to compete with Europe for alternative sources of supply.Most Read from BloombergUS Court Ruling May Take 70,000 Truckers Off Road, Spur JamsJPMorgan Sees ‘Stratospheric’ $380 Oil on Worst-Case Russian CutLong, Moderate and Painful: What Next US Recession May Look LikeBezos Slams Biden Over Call for Lowering of Gas PricesJPMorgan’s Aronov Ignores the ‘
- Reuters
UPDATE 1-Volatile rouble slumps to 10-day low; Gazprom shares extend losses
The Russian rouble plunged more than 6% against the dollar on Friday to its weakest level in 10 days, while shares in Gazprom extended losses after the gas giant cancelled dividend payments, pressuring Russian stock indexes. The likelihood of the rouble strengthening past 50 to the dollar has eased, said Dmitry Polevoy, head of investment at Locko Invest, although high commodity prices were supporting the Russian currency. The rouble has become the world's best-performing currency this year, boosted by measures taken to shield Russia's financial system from Western sanctions imposed after Moscow sent troops into Ukraine on Feb. 24.
