Gazprom for vouchers. Fifteen percent of the stock was allocated to Gazprom employees. The state retained 40% of the shares. That amount was gradually lowered to thirty-eight percent. Trading of Gazprom's shares was heavily regulated. Foreigners were prohibited from owning more than nine-percent of the shares. In October 1996, 1% of Gazprom's equity was offered for sale to foreigners as Global Depository Receipts. In 1997, Gazprom offered a bond issue of US$2.5 billion. Chernomyrdin, as Prime Minister of Russia, ensured Gazprom avoided tight state regulation. Gazprom evaded taxes, and the Government of Russia received little in dividends. Gazprom managers and board
Gazprom of Romania's, 36 percent of Germany's, 27 percent of Italy's, and 25 percent of France's gas. The European Union receives about 25 percent of its gas supply from Gazprom. In 2014, Europe was the source of 40% of Gazprom's revenue. The proportion of Europe’s gas bought in the spot market rose from 15 percent in 2008 to 44 percent in 2012. In September 2013, during the G20 summit, Gazprom signed an agreement with CNPC that the Henry Hub index would not be used to settle prices for their trades. On 21 May 2014, Putin met with Xi Jinping and negotiated