Gazprom, Russia’s state backed gas giant, on Thursday agreed to pay $7.45bn for majority control in Sakhalin 2, the $20bn oil and gas project led by Royal Dutch Shell, cementing the Kremlin’s grip on the country’s energy resources and ending months of sustained pressure on foreign investors.

Shell, which owned 55 per cent stake of the project, and its two Japanese partners – Mitsui and Mitsubishi – agreed to halve their stakes to give Gazprom control and unblock the project, which was almost stalled by Russian authorities.