Gas is at the heart of Russia’s economy, accounting for over 50% of primary energy demand, and Gazprom has been its most important player since it was corporatized out of the Ministry of Gas at the end of the Soviet era. Throughout the next three decades, it subsidised prices in the domestic market thanks to its monopoly on pipeline exports, which generated huge profits mainly from European customers. However, the war in Ukraine has changed this dynamic completely and has called into question Gazprom’s business model and its role in the political economy of Russia as well as in the global gas market.