Gazprom falls to first annual loss in 20 years as trade with Europe hit
Al Jazeera
Results highlight the dramatic decline of Gazprom since Russia launched its full-scale invasion of Ukraine in 2022.
Kremlin-owned gas giant Gazprom has said it plunged to a net loss of 629 billion roubles ($6.9bn) in 2023, its first annual loss in more than 20 years, amid dwindling gas trade with Europe, once its main sales market.
The results released on Thursday highlight the dramatic decline of Gazprom, which since the collapse of the Soviet Union has been one of Russia’s most powerful companies and was often used as leverage to solve disputes with its neighbours, such as Ukraine and Moldova.
Analysts had expected net income of 447 billion roubles ($4.81bn), according to the Interfax news agency.
According to Reuters analysis, it was Gazprom’s first annual loss since the late 1990s/early 2000s, when Alexei Miller, an ally of President Vladimir Putin, took over the company in 2001.
Gazprom’s 2023 loss followed a net profit of 1.2 trillion roubles (12.9bn) in 2022.
