Shares in Russian gas giant Gazprom fell to a record low of 83.98 rubles on the Moscow Exchange on July 16, dropping 5% from the previous close, after reports that negotiations with China over the Power of Siberia-2 pipeline had stalled, according to Meduza.
The previous record low was set on October 24, 2008, when shares traded at 84 rubles, the outlet noted. By 1:00 p.m. Moscow time, the stock had partially recovered but remained near the minimum.
The broader Moscow Exchange index fell to 2,109.58 points, its lowest since December 19, 2022, The Moscow Times reported. The index lost nearly 3%, bringing its year-to-date decline to 23%.
The drop in Gazprom shares accelerated after news that Russia-China talks on the Power of Siberia-2 pipeline had reached an impasse, The Moscow Times wrote. The Wall Street Journal, citing sources, reported that China said it would only participate in the project if Russia supplied gas at domestic Russian prices — effectively subsidizing the deal, Meduza explained.
Gazprom has not paid dividends for four consecutive years, and in 2025 shareholders again declined to receive them, The Insider reported. For 2025, the company's net profit under IFRS rose 7% to 1.3 trillion rubles, but revenue fell 9% to 9.8 trillion rubles, and EBITDA dropped 6% to 2.9 trillion rubles. Gazprom's total debt remained at 6.7 trillion rubles.
The Russian state owns more than 50% of Gazprom shares.