Gazprom has gone from being a great commercial hope to an ailing giant. Gazprom's owners need to face up to the crisis and institute reforms. A year ago, Gazprom was the third‐most valuable company in the world with a market capitalization of over $350 billion. Today, it has shrunk by two‐thirds to about $120 billion, declining to become the world's 40th‐largest company, even though it still accounts for about 20 percent of Russia's market capitalization and roughly 10 percent of its gross domestic product.