Investors can only wonder how different Gazprom’s prospects might look were it not so fond of playing chicken with Kiev. In fairness, it is unclear which side was ultimately responsible for the latest shutdown of supplies to Europe across Ukraine amid January’s pricing spat. Even so, its impact was laid bare in Gazprom’s first-quarter results. Exports to Europe – source of most of its profits – fell 30 per cent.

There were other factors, too. European demand was dented by recession. Gazprom’s contract prices, linked to oil except with a time lag, still reflected last summer’s record crude prices. So customers switched to the cheaper spot gas market, or used gas from storage and waited for Gazprom prices to fall later this year. Throw in a $4.5bn foreign exchange loss thanks to the rouble’s devaluation, and net income plunged 62 per cent to $3.3bn.