The Russian company Gazprom is making losses for the first time in decades. picture alliance / Russian Look | Maksim Konstantinov
Gazprom posted net losses of 6.4 billion euros in 2023 for the first time since 1999. The loss is in stark contrast to a profit of 1.23 trillion rubles in 2022. The losses are mainly due to reduced gas supplies to Europe as a result of Western sanctions.
In the shadow of the war against Ukraine, Russian energy giant Gazprom suffered losses last year for the first time in almost a quarter of a century. According to the annual report published on Thursday, the net loss for the second year of the war in 2023 amounted to around 629 billion rubles (equivalent to 6.4 billion euros).
This marks a stark contrast to a profit of 1.23 trillion rubles in 2022, which Russian analysts had initially predicted for 2023 as well, albeit on a smaller scale.
Gazprom: First loss since 1999
Media reports from Russia confirm that this is Gazprom’s first net loss since 1999, after being profitable in the following years.
The current decline is likely largely due to drastically reduced gas deliveries to Europe, which were largely halted by Moscow in the summer of 2022 in response to Western sanctions.
DPA/LS