The Russian energy company Gazprom reported a net loss for the first time in almost 25 years, totaling around 629 billion rubles in 2023. This comes in the midst of the war of aggression against Ukraine, which has impacted the company’s operations significantly. Analysts had initially predicted a profit for Gazprom in 2023, following a win of 1.23 trillion rubles in 2022, but the situation drastically changed.
Russian media reports suggest that this net loss is the first recorded by Gazprom since 1999. The company’s profitability has been consistent in the years that followed, making this recent development particularly notable. The decrease in profits is largely attributed to the significantly reduced gas delivery volumes to Europe, as Moscow decided to limit gas exports in response to Western sanctions.
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