Russia’s Gazprom sets up Middle East unit

Moscow (Reuters) – Russian natural gas giant Gazprom (GAZP.MM) is setting up a Middle East unit, the company said in a regulatory disclosure on Tuesday.

It did not reveal details.

Several Russian companies are shifting their business away from Europe, which introduced sanctions against Moscow over its actions in Ukraine.

Dubai, the Gulf’s financial and business centre, has emerged as a refuge for Russian wealth.