Gazprom Posts First Loss in 24 Years, $6.9B Amid EU Sales Drop

May 2, 2024, 02:55 PM

In 2023, Gazprom, Russia's state-controlled gas giant, reported its first annual net loss in 24 years, totaling $6.9 billion. The significant financial downturn was primarily due to a sharp decline in gas sales to Europe, compounded by falling gas prices. The company's revenue dropped by nearly 3 trillion rubles from the previous year, moving from 11.6 trillion to 8.6 trillion rubles. This loss marks a stark contrast to the net profit of 1.23 trillion rubles in 2022. Despite the net loss, income from oil and power utilities increased last year. Analysts have pointed out Gazprom's failure to adapt to the loss of the European Union market as a key factor in its financial woes.