Depreciating ruble caused Gazprom shares to drop to $1

Due to the fall of the ruble, Gazprom's shares almost dropped to one dollar per share. The weak currency caused a sharp decline in their value.

This was reported by Investing on Wednesday, November 27.

Shares of Gazprom

Shares of the Russian gas giant in rubles are approaching historic lows due to the overall decline in the Russian market.

At their peak, their value reached $8.5 per share, which is eight times higher than the current price.

As a reminder, Gazprom has cut off gas supplies to Austria. The Austrian oil and gas company OMV received an official notice of a complete cessation of supplies on November 16.

Subsequently, OMV confiscated 230 million euros worth of Russian gas to cover the costs associated with the arbitration award.