Business · Companies · 11 hrs ago
Gazprom cuts share of foreign-market borrowing nearly six-fold since 2022
Gazprom has sharply reduced its reliance on foreign borrowing over the past four years.
The Russian gas company says foreign markets accounted for 77% of its borrowings in 2022, compared with 13% from mid-2026.
It says a more developed domestic market enabled the shift toward raising money in Russia.
Gazprom had $25 billion in Eurobonds in circulation at the start of 2022, nearly a quarter of all Russian corporate Eurobonds.
The company raised more than $14 billion at home to refinance foreign borrowing and about $20 billion to fund new projects over the past four years.
Gazprom says it has continued to meet its obligations to investors, including those abroad.
The figures were presented by a senior Gazprom official at the Verona Eurasian Economic Forum; no further steps were announced.
Gazprom has reduced the share of its borrowings from international markets from 77% in 2022 to 13% since mid-2026.
First Deputy Department Director Ignat Dirks said the change reflected a revised borrowing portfolio and the development of Russia’s domestic market.
Gazprom raised more than $14 billion domestically to refinance international borrowings over the last four years.
It also raised about $20 billion in the domestic market to finance new projects.
Dirks said Gazprom continued to meet its obligations to investors, including international investors.
- Who
- Gazprom, represented at the forum by First Deputy Department Director Ignat Dirks.
- What
- Gazprom cut the share of its borrowing from international markets from 77% in 2022 to 13% since mid-2026.
- When
- The comparison covers 2022 to mid-2026; the figures were reported on October 23, 2026.
- Where
- Dirks spoke at the Verona Eurasian Economic Forum.
- Why
- Dirks attributed the change to a revised portfolio structure and the maturity of Russia’s domestic market.
This story does not have two clearly opposing sides.
International markets accounted for 77% of Gazprom’s borrowings.
Gazprom raised more than $14 billion domestically to refinance international borrowings and about $20 billion to finance new projects.
International markets accounted for 13% of Gazprom’s borrowings.
Ignat Dirks discussed the borrowing shift at the Verona Eurasian Economic Forum.
- Foreign-market share in 2022
- 77%
- Foreign-market share since mid-2026
- 13%
- Domestic refinancing raised over four years
- More than $14 billion
- Domestic funding for new projects
- About $20 billion
- Gazprom Eurobonds in circulation at start of 2022
- $25 billion
What people are saying
Feel the scale of changes. The year of 2022: the share of foreign markets was 77%. Since mid-2026, the share of foreign markets is 13%.
I would also like to stress particularly that Gazprom always honors its obligations towards investors, including towards international investors. We continued servicing our foreign borrowers in line with their terms.