Russian energy giant Gazprom has reported a net profit attributable to shareholders of $29bn (RUR2.09tn) for full-year 2021, up from $1.84bn (RUR135bn) in the pandemic-stricken 2020.

This is Gazprom’s highest-ever annual income, driven primarily by increasing oil and gas prices.

The higher commodity price also increased the firm’s sales and the gas and oil purchase cost, the company said.

The firm’s sales for 2021 stood at RUR10.2tn, up from RUR6.3tn in the 2020 financial year.

Adjusted EBITDA stood at RUR3.68bn for the year that ended 31 December 2021, a rise of 151% compared to the same period a year ago.

By the end of December 2021, the company’s net debt balance decreased by 26% to RUR2.86tn, from RUR3.87tn in 2020,  due to an increase in cash and cash equivalents.

In a press statement, Gazprom said: “Operating expenses increased by RUR2.01tn, or 36%, for the year ended 31 December 2021, compared to the prior year.

Gazprom recently said it has suspended gas supplies to Poland and Bulgaria as they refused to pay for the Russian fuel in rubles.

Last month, Russian President Vladimir Putin demanded that ‘unfriendly’ countries make gas payments in rubles to state-owned Gazprom.

A day after the gas cut from Gazprom, four undisclosed gas buyers in Europe made gas payments to Russia in rubles.

In accordance with Putin’s order, ten undisclosed European companies have opened Euro and ruble accounts with Gazprombank to make payments.