Due to sanctions

Gazprom records billion-euro loss for 2023

Under the impact of the war of aggression against Ukraine, the Russian energy company Gazprom was in the red last year for the first time in almost a quarter of a century. 

The net loss for the second year of the war in 2023 amounted to around 629 billion roubles (6.28 billion euros), according to a company report published on Thursday.

First net loss since 1999
Following a profit of 1.23 trillion roubles in 2022, Russian analysts had initially predicted that the majority state-owned gas giant would also make a profit in 2023, albeit a much smaller one.

According to consistent Russian media reports, this is the first net loss that Gazprom has recorded since 1999. In subsequent years, the company was profitable. The current slump can probably be largely explained by the extremely low gas supply volumes to Europe. In protest against Western sanctions, Moscow itself largely turned off the gas tap in the summer of 2022.