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Russian president Vladimir Putin ordered this week that a special working group be set up to liberalise the two-tier market in Gazprom's shares.
Gazprom American Depositary Receipts (ADRs) currently trade at a premium to the domestic stock. Moscow investment bank UFG, whose shareholder Boris Fyodorov is a prominent critic of Gazprom, estimates Gazprom made a $100mn profit earlier this year by selling 1.44pc of its local stock on the ADR market.
The new working group, which will be headed by Gazprom's board chairman and deputy chief of the presidential administration Dmitry Medvedev, has to present its proposals to the government not later than in June. Last …