The Russian energy sector is experiencing one of its most difficult periods in recent history. On July 7, shares of PJSC Gazprom on the Moscow Exchange hit a historic low, reaching a level not seen since November 2008 — the period of the global financial crisis and a deep economic shock in Russia.
Prices fall below the psychological mark
According to data from the analytical service Tradingview, during Tuesday's trading, the quotes of the "blue fig" dropped to the mark of 91.55 rubles per share. This became the lowest indicator in the last 16 years. Just the day before, the company's stocks crossed the psychologically important level of 95 rubles, which was last recorded during the times of the global financial crisis.
By the evening of July 7, as of 17:25 Kyiv time, the situation stabilized only slightly: shares rose to 92.11 rubles. However, this growth did not change the overall negative picture. The market capitalization of the Russian oil and gas giant decreased to approximately 2.22 trillion rubles.
Situation in the sector and reasons for the decline
The problems affected not only Gazprom. Shares of the subsidiary Gazprom Neft also fell in price by almost 2%, reaching a minimum since October 2022. This indicates systemic pressure on the entire Russian energy complex.
The decline in quotes has a cumulative nature. As early as June 23, Gazprom shares dropped to a minimum for the first time since 2009, costing 99.9 rubles at that time. However, the decisive factor for the crash was the events of June 18 — after a massive drone attack by the Ukrainian Armed Forces on Moscow, the Russian stock market collapsed. On that day, shares not only of Gazprom but also of other industry giants: Rosneft and Lukoil, rapidly lost value.
Court proceedings and debts
Financial pressure on the company is also increasing due to foreign economic factors. The reminder of debts became another blow for Gazprom. The oil and gas concern "Neftegaz" finally won the lawsuit against the Russian giant.
According to the court decision, Gazprom is obliged to pay Ukraine the debt for gas transportation services. In addition, the company will have to cover the accrued interest and reimburse court costs. This decision finally closes the issue of debts, but creates new financial obligations for the company, whose shares are already at the bottom.
