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
13 March 2026
Brussels is again weighing a cap on gas prices amid the Hormuz crisis, but the measure could backfire by deterring the LNG cargoes Europe urgently needs
12 March 2026
Emergency oil stocks provide a last line of defence to oil market shocks, so the IEA’s unprecedented 400m bl release represents something of a double-edged sword
12 March 2026
LPG could rapidly expand access to clean cooking across Africa and prevent hundreds of thousands of deaths from indoor air pollution each year, but infrastructure shortages and regulatory barriers are slowing investment and market growth
11 March 2026
Missiles over Dubai and disruption in Hormuz are testing the emirate’s reputation—and shaking the energy hub at the centre of the Gulf economy
