Citing fallout from the war in Ukraine, Russian natural gas behemoth Gazprom PJSC said its net income for the first half of 2023 plummeted. 

The steep drop came after Russia cut off most exports to Europe last year after it invaded Ukraine. The continent has also reduced its reliance on Russian natural gas, turning instead to other suppliers like Norway and the United States to help fill the void.

Western sanctions against the Kremlin, combined with higher taxes to support the war, also bruised the state-backed Gazprom, according to Russian news agency reports.

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The results bolster the case for U.S. LNG...