Gazprom has seen a massive fall in net profits for the first nine months of 2020, which fell to 218 billion rubles ($2.9 billion) from nearly 1.1 trillion rubles ($14.5 billion) a year ago. The company said that overall net sales of gas dropped by third for the three quarters year-on-year and explained that it was caused by a drop in average prices and volumes of gas sold.
Gazprom has also suffered losses due to the devaluation of the Russian ruble. The exchange rate had a major impact on its financial results, with its net foreign currency-related loss reaching almost 750 million rubles for the first nine months.
