Budanov: Vor zwanzig Jahren hatte Gazprom einen Wert von rund 270 Milliarden Dollar. Heute ist diese Zahl verschiedenen Schätzungen zufolge auf rund 30 Milliarden US-Dollar gesunken.

Gazprom is an arm of the Russian government, no matter its formal momentary nationalized or privatized state in any moment you pick.

It follows government organization physics, not private firm physics. If it goes under, the government keeps it alive. And regardless of which lying they deploy and whose balance sheet and income statement they put its numbers on, rest assure that gazprom and its assets, including cash it borrows to and beyond the point of insolvency, will be an instrument the Russian government uses to pay for the war.

And its executives – as demonstrated by reality – hold a fiduciary duty to serve the government, not a fiduciary duty to serve gazprom as a commercial entity.

Despite its deceptive classification by the Russians, ***it is not (in Russia) a corporation*** that follows the assumptions we ascribe to corporations. Its western subsidiaries that obey our laws might be, but HQ is not.

It’s an arm of Russia’s federal government and one of its instruments of war.

Ukraine= savage

Still too much.