Gail feels effects of Russia fallout

Indian gas company’s profits nosedive due to non-supply from former Gazprom unit

Indian LNG importer Gail is struggling to mitigate the effects of Western sanctions on Russia as the impact of 2022’s historic high LNG prices is reflected in balance sheets and courtroom battles with suppliers. Gail’s profits plummeted by nearly 50pc in the financial year ending 31 March—with the company reporting net profit of $647.17mn (INR53.01bn) compared with $1.26bn in the 2021–22 financial year. Gail has also initiated legal proceedings against a former subsidiary of Russian LNG company Gazprom in a London court for disruption to supplies for nearly eight months across 2022 and 2023.  "High gas prices and unavailability of lower-priced long-term gas affected practically all our busin