MOSCOW: Gazprom, the energy company, tops a new list of the most valuable brands in Russia, accounting for almost half the total value of the 40 brands in an Interbrand study.

The brand consultancy ranked Russian brands based on their financial assets, the role of the brand, or its impact on the decision to purchase, and brand strength, or the ability to secure future earnings.

Interbrand's Moscow office last produced such a report three years ago, and since then has changed the criteria for inclusion. It noted some significant changes, including the entry of a number of B2B businesses, which it said were playing an important role in stimulating the economy.

Overall, the telecoms sector accounted for 19% of entries on the list, followed by oil companies (11%) and metals companies (7%).

The Gazprom brand was valued at 1.2tr roubles ($37.4bn), far ahead of the next three, all telecoms companies. MTS and Beeline were valued at 192bn roubles and 155bn roubles respectively. Then came Megafon, valued at 114bn roubles.

Oil companies took three of the top ten spots. TNK, ranked seventh, was worth 99bn roubles, followed by LUKOil in eighth, worth 75bn roubles. Tatneft was in tenth place with a value of 54bn roubles.

The top ten was rounded out by miner Norilsk Nickel (5th place, worth 11bn roubles), state-owned bank Sberbank (6th, worth 107bn roubles) and the Baltika brewery (9th, worth 56bn roubles).

As well as the appearance of B2B companies, the airline industry also made it into the top 40 for the first time, with Aeroflot ranked 17th.

Data sourced from RIA Novosti, Interbrand; additional content by Warc staff