Gail’s corporate office in New Delhi
Gail feels effects of Russia fallout
Indian gas company’s profits nosedive due to non-supply from former Gazprom unit
Indian LNG importer Gail is struggling to mitigate the effects of Western sanctions on Russia as the impact of 2022’s historic high LNG prices is reflected in balance sheets and courtroom battles with suppliers. Gail’s profits plummeted by nearly 50pc in the financial year ending 31 March—with the company reporting net profit of $647.17mn (INR53.01bn) compared with $1.26bn in the 2021–22 financial year. Gail has also initiated legal proceedings against a former subsidiary of Russian LNG company Gazprom in a London court for disruption to supplies for nearly eight months across 2022 and 2023. "High gas prices and unavailability of lower-priced long-term gas affected practically all our busin
Also in this section
23 January 2026
A strategic pivot away from Russian crude in recent weeks tees up the possibility of improved US-India trade relations
23 January 2026
The signing of a deal with a TotalEnergies-led consortium to explore for gas in a block adjoining Israel’s maritime area may breathe new life into the country’s gas ambitions
22 January 2026
As Saudi Arabia pushes mining as a new pillar of its economy, Saudi Aramco is positioning itself at the intersection of hydrocarbons, minerals and industrial policy
22 January 2026
New long-term deal is latest addition to country’s rapidly evolving supply portfolio as it eyes role as regional gas hub
