As a result of the war of aggression against Ukraine, the Russian energy company Gazprom was in the red for the first time in almost a quarter of a century last year.
The net loss for the second year of the war in 2023 was about 629 billion rubles (6.28 billion euros), according to a company report published on Thursday.
First net loss since 1999
After a profit of 1.23 trillion rubles in 2022, Russian analysts had initially forecast a profit – albeit a significantly smaller one – for the largely state-owned gas giant in 2023.
According to Russian media reports, this is Gazprom’s first net loss since 1999. In the years that followed the group was profitable. The current slump can largely be explained by the extremely low gas supply volumes to Europe. In protest against Western sanctions, Moscow largely turned off the gas tap in the summer of 2022.
Source: Krone
I’m Ben Stock, a journalist and author at Today Times Live. I specialize in economic news and have been working in the news industry for over five years. My experience spans from local journalism to international business reporting. In my career I’ve had the opportunity to interview some of the world’s leading economists and financial experts, giving me an insight into global trends that is unique among journalists.
