Gazprom shares fall to their lowest level since 2009

Shares of Russian energy giant Gazprom fell below 100 rubles for the first time since 2009, according to Reuters. The decline has been driven by several factors, including Europe’s move away from Russian energy, falling global oil prices, and the failure to secure a new gas deal with China.

Investor sentiment was further weakened by a Ukrainian drone strike on the Moscow oil refinery operated by Gazprom Neft. During trading, Gazprom’s shares briefly dropped to 99.9 rubles and have lost about 20% of their value over the past year.

The company’s current market capitalization stands at roughly $32 billion, far below the $1 trillion valuation its management projected back in 2008.