Russian gas giant Gazprom's UK division is considering a rebrand to distance itself from the Kremlin, report says

• Russian gas giant Gazprom's UK division is considering a rebrand, a report says.
• Gazrom Energy wants to distance itself from the Kremlin, the Financial Times reported.

The struggling British subsidiary of state-owned Russian gas giant Gazprom is considering a rebrand to distance itself from the Kremlin, according to a Financial Times report Monday.

Gazprom Energy is mulling a name change to GM&T, an abbreviation of its UK parent company Gazprom Marketing and Trading, the FT reported.

"The top management is keen but the trouble is that it's not a radical rebrand so it's unclear whether it will make much difference," a person close to Kremlin-backed Gazprom told the FT.

Europe relies on Russia for about 40% of its natural gas supply. Gazprom Energy, which has around 30,000 clients in the UK including the NHS, has been pressured to cut ties with Russia after the invasion of Ukraine.

Gazprom Energy didn't immediately respond to a request for comment from Insider.

Gazprom Energy has been on the brink of bankruptcy since mid-March as major clients looked to switch suppliers in the wake of the Ukraine invasion. The UK government resisted nationalization of the company, however, citing a potential £4 billion ($5 billion) price tag for the UK taxpayer.

Meanwhile, the cost of energy to European consumers continues to soar.

Michael Lewis, chief executive of British energy company E.ON UK, warned Britons on Sunday that record-breaking gas prices would persist for at least 18 months.

The UK's energy regulator Ofgem estimated that the average UK household was paying £60 more per month on gas and electricity since April, one of the factors contributing to a cost of living crisis.