Gazprom profits down 86 percent

April 29, 2015 12:37 PM

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Gazprom profits down 86 percent

Gas sales to Europe decline year-on-year for Russian energy company.

Gazprom blamed heavy losses on the appreciation of the U.S. dollar and euro against the ruble, which plummeted in value in part because of the strains of sanctions. Russia's economy relies heavily on oil and natural gas revenue and a weak market for crude oil added another layer of burden.

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