Russian and state-backed energy firm Gazprom is set to hand a 8.6 billion pound payout to the Kremlin after reporting record profits powered by soaring energy prices. The Russian government owns 49.3 percent of the company's shares.

Gazprom to pay Kremlin $9.94 billion, Russian government owns 49.3% shares

Russia is wasting around 10 millions worth of natural gas a day by burning it near the Finnish border. This comes at a time when Moscow has sharply cut deliveries to the European Union. The huge orange flare can be seen in the satellite images of Puerto Vallar specifically at a new liquefied natural gas facility run by Gazprom.

After cutting supplies, Moscow wastes gas; burns it in the atmosphere at Finnish border

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Gazprom to pay Kremlin $9.94 billion, Russian government owns 49.3% shares

After cutting supplies, Moscow wastes gas; burns it in the atmosphere at Finnish border