The power of Gazprom

Dmitry Medvedev’s nomination on Monday as Russia’s likely next leader has underlined the power of Gazprom, the $345 billion gas export monopoly that he chairs, as a state within a state. But how Medvedev will deploy Gazprom’s clout if, as appears likely, he is elected to succeed President Vladimir Putin, remains one of Russia’s many riddles.

Once a Soviet ministry, Gazprom is now the world’s largest gas company, accounting for 20 per cent of global supply. It pumps a quarter of Europe’s gas, has diversified into oil, power and banking, and controls TV, radio and newspaper interests.