Gazprom ends 2023 losing $6.9 billion due to sanctions and loss of EU market

Russia's gas monopoly Gazprom had a net loss of $6.9 billion (629 billion rubles) in 2023, as reported by Reuters with reference to data from the Russian company.

In 2022, Gazprom had a net profit of $10.9 billion (1.2 trillion rubles). As Reuters clarifies, Russian analysts expected that Gazprom would also end 2023 with a profit of at least $4.9 billion (447 billion rubles).

The main reason for the sharp decline in financial results was a 55% drop in annual natural gas sales to Europe (to 28.3 billion cubic meters), which used to be Gazprom's main export market. The losses were also caused by the impact of Western sanctions, the agency said.

Gazprom reported a net loss from gas sales of $4 billion (364 billion rubles) in 2023, compared with a profit of $20 billion (1.9 trillion rubles) in 2022.

Total revenues fell to $93 billion (8.5 trillion rubles) last year from $128 billion (11.7 trillion rubles) in 2022.

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