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Just a Few Major Energy Firms Still Trade With Gazprom Arm

  • OMV, Engie and Total are still doing bilateral deals with GM&T
  • Businesses are shunning the company’s trading arm as war rages
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Just a few large European energy firms are still striking deals with the trading arm of Gazprom PJSC, as companies shun Russian business in response to the war in Ukraine, according to people familiar with the matter.

Nearly all the big companies that buy and sell gas have told their traders not to execute over-the-counter deals with Gazprom Marketing & Trading, according to the people. Among those still trading are France’s TotalEnergies SE and Engie SA, and Austria’s OMV AG, said the people, who asked not to be identified because the information is private. Some small players are still making transactions.