The Russian energy conglomerate Gazprom floundered into a deficit of Rbs629 billion (€6.4 billion) in 2023, a turnaround of nearly 50 per cent in comparison to the Rbs1.2 trillion income they reported in 2022, as their gas sales revenue significantly dropped by more than half.
Gazprom’s total income descended by roughly 30 per cent, tumbling to Rbs8.5 trillion from Rbs11.7 trillion in the preceding year.
These financial outcomes mirror the EU’s larger than anticipated accomplishment in identifying new gas suppliers and Gazprom’s inability to compensate for the deprived EU market, notwithstanding the Russian authorities’ optimistic portrayal of the situation.
In reaction to these disappointing results, Gazprom’s shares listed in Moscow dipped more than 3 per cent. Contrary to expectations from most Russian analysts who predicted a modest profit, the company suffered significant financial blows, as reported by Financial Times.