Gazprom Declines as Gas Supply Deal With Ukraine Delayed
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OAO Gazprom slid to the lowest price since March 2009 in New York yesterday after the gas producer, which sends about half of its exports to Europe via Ukraine, failed to resolve a pricing dispute with the war-torn country.
American depositary receipts of Gazprom, Russia’s biggest company, dropped 2.6 percent to $6.44 in New York yesterday, extending this year’s decline to 26 percent. Citigroup Inc. reduced Gazprom to sell on Oct. 21, citing the prospect of lower volumes sent to Ukraine. Moody’s Investors Service, which last week cut Russia’s credit rating to the second-lowest investment grade, kept a negative outlook on the state-controlled company due to its “sensitivity” to the change.