... profitability of the gas business. The main factor for the reduction in cost of sales was the decrease in expenditures in the gas sector. Direct costs for gas extraction and delivery dropped by ~20% year-on-year. This was influenced by several factors: firstly,... ... for currency revenues in Russia). Interest expenses are likely to remain high, given the tight monetary policy of the Central Bank of Russia; however, new sharp spikes are not expected unless the company increases its debt. Tax policy and regulatory risks....