Russia's gas production has reportedly dropped by 10pc in a blow to Vladimir Putin's efforts to fund his war in Ukraine.
Moscow's output fell 10pc in annual terms in the first three months of the year to 180 billion cubic meters (bcm), said the daily newspaper Kommersant, owned by oligarch Alisher Usmanov.
In March alone, gas output had fallen 10pc to 61bcm, it added.
Its report said production at Russia's major producer Gazprom alone, which holds about 15pc of global gas reserves, was down by almost 18pc from January to March.
It comes as Dutch front-month futures, Europe's gas pricing benchmark, have fallen about 88pc from their peak last summer in the wake of Russia's invasion of Ukraine.
Gas prices have fallen to less than ?38 per megawatt hour, down from more than ?339 last year, while the UK and Europe have drastically reduced their reliance on Russian energy since Ukraine war began.
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The slump in Russian gas production comes as the UK, US, Europe and other key allies of Ukraine are thought to be preparing fresh penalties against Moscow to try and tighten the net on President Vladimir Putin's economy more than 14 months into his war.
The packages would be individually implemented but coordinated. A key goal is to close loopholes in existing penalties and tackle overall sanctions circumvention, the people said, asking not to be identified discussing sensitive matters.
The plans will be unveiled around a G7 leaders meeting in Japan later this month, according to Bloomberg.
Multiple rounds of sanctions and other economic penalties imposed on Moscow since its invasion of Ukraine have battered Russia's economy but not delivered a knockout blow, while Putin shows no sign of halting his war.
Russia's energy revenues are close to exceeding their target level in the face of the oil price cap imposed by the G7 and European Union partners, helping the government to stabilise the budget even as military spending has surged.
Russia's gas production fell 10pc in annual terms in the first quarter to 180 billion cubic meters (bcm), the daily newspaper Kommersant said.
In March alone, gas output had fallen 10pc to 61bcm, it added.
Production at Russia's major producer Gazprom alone, which holds about 15pc of global gas reserves, was down by almost 18pc in the January to March period, the paper said.
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Asian shares declined, tracking losses on Wall Street as shares of beleaguered banks tumbled again and worries about the US economy deepened.
Markets in Japan and China were closed Wednesday for holidays. In Hong Kong, the Hang Seng index lost 1.9pc to 19,563.59.
South Korea's Kospi shed 0.9pc to 2,500.82 and the S&P/ASX 200 in Sydney declined 1.1pc to 7,819.10. Shares also fell in Taiwan and Southeast Asia.
Major US stock indexes closed lower on Tuesday as shares in regional lenders declined on renewed banking fears and as investors tried to gauge how much longer the Federal Reserve may need to hike interest rates.
The Dow Jones Industrial Average fell 367.17 points or 1.08pc, to 33,684.53. The broad-based S&P 500 lost 48.29 points, or 1.16pc, at 4,119.58. The Nasdaq Composite dropped 132.09 points or 1.08pc to 12,080.51.
The KBW regional banking index fell 5.5pc in its biggest daily percentage drop since March 13. During the session, it hit the lowest level since November 2020.
Treasury yields slumped after job openings data missed estimates, signaling some softening in the labour market ahead of the Federal Reserve's rate decision.
The benchmark 10-year Treasury yields were down 14.4 basis points to 3.430pc, from 3.574pc late on Monday. The policy sensitive two-year note dipped 15.3 basis points to yield 3.986pc, from 4.139pc.