Gazprom (MOEX: GAZP) traded at approximately RUB 130 per share on the Moscow Exchange in early 2026, down from an all-time high of RUB 369 in October 2021. Western sanctions and the collapse of European gas exports have erased more than 60% of Gazprom's share value since the February 2022 invasion of Ukraine.
Stock Price of Gazprom
Gazprom Stock Forecast
Western analyst coverage of Gazprom is effectively suspended following 2022 sanctions. Russian brokerage price targets vary widely, with most domestic analysts setting targets between RUB 140 and RUB 200 contingent on a ceasefire in Ukraine and partial restoration of gas export revenues. Foreign institutional investors cannot legally trade GAZP shares under current EU and US sanctions regimes, making any recovery highly geopolitically dependent.
Gazprom Valuation
Timeline of Gazprom Funding
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1989
State FormationThe Soviet Council of Ministers converts the Ministry of Gas Industry into Gazprom, transferring all Soviet natural gas assets into a single state corporation.
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1993
Privatization / MOEX ListingGazprom restructures as a joint-stock company following USSR dissolution, with the Russian government retaining majority control and shares listed on the Moscow Exchange.
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1996
ADR IssuanceGazprom issues ADRs on the London Stock Exchange, opening its shares to international investors for the first time and raising foreign capital.
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2006
Domestic Market LiberalizationRussia lifts restrictions on foreign ownership of GAZP shares, leading to a surge in international institutional investment and a rapid rise in market cap.
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2022
Sanctions FreezeWestern governments sanction Gazprom following Russia's invasion of Ukraine, freezing foreign institutional holdings and suspending London ADR trading indefinitely.