Gazprom, the largest Russian gas producer, saw its profit slump more than 80pc in the second quarter of 2017 despite exports to Europe continuing to boom. The state-owned energy giant reported net income of 47.9bn Russian roubles (£632m), compared to R244.9bn for the same period a year earlier, after currency shifts meant it booked a heavy loss on the revaluation of its overseas debt.

Around 78pc of Gazprom’s debt is denominated in euros and dollars, and between April and June, the rouble weakened against both currencies, reversing the trend from the prior quarter.

This hit offset sales gains made during the three months to June 30, with Gazprom posting revenue of R1.39 trillion for the quarter, up from R1.33 trillion the prior year, according to The Telegraph.

The group said gas sales to Europe and neighbouring countries totalled R587bn in the period, up from R583bn, while sales of crude oil and gas condensate to the region rose to R134bn roubles from R91bn.

Gazprom’s largest European customers are in Germany and the Netherlands, and although the UK does not directly import gas from Russia, both Germany and the Netherlands are closely connected to the UK gas grid through two major pipelines.

The solid second quarter update follows similar results earlier from the Russian giant this year, for the first three months of 2017, in which Gazprom reported a growing appetite for gas within Europe and the former Soviet Union.

Gazprom currently supplies around a third of the EU’s gas, and demand has continued to boom as power generators are increasingly burning gas for electricity and as gas prices have dipped.