The net loss for the second year of the war in 2023 was around 629 billion rubles (6.28 billion euros), according to a company report published on Thursday. After a profit of 1.23 trillion rubles in 2022, Russian analysts had initially predicted a profit – albeit a significantly smaller one – for the mostly state-owned gas giant in 2023.
First net loss since 1999
According to Russian media reports, this is the first net loss recorded by Gazprom since 1999. In the years that followed, the group was profitable. The current slump can largely be explained by the extremely low gas delivery volumes to Europe. In protest against Western sanctions, Moscow largely turned off the gas tap in the summer of 2022.
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