GAZPROM Energy is planning to rebrand its UK supply business as it looks to distance itself from Russia's invasion of Ukraine.

The company is a disowned subsidiary of the larger Kremlinbacked energy giant.

It is considering changing its name to GM&T, according to the Financial Times.

Currently, the Manchester-based energy arm supplies more than 20 per cent of the gas used by British businesses.

The government had been weighing up whether to place Gazprom Energy into special administration in the case of collapse earlier this year.

It estimated that supporting its 30,000 corporate clients could have cost the taxpayer £4bn.

The UK business had been scrambling to stay afloat in March, following a bevy of western sanctions on Russian industry in the wake of the eruption of conflict in Ukraine.

While it avoided specific sanctions, multiple clients exited the business, shying away from new contracts with the supplier.

However, the group has since been given a reprieve after the German government took control of its parent company Gazprom Germania last month, after it was ditched by the Russian supplier.

(c) 2022 City A.M., source Newspaper