Gas imports from Russia to Europe, which used to be its main export market, fell sharply due to the political consequences of the conflict in Ukraine. Gazprom has a monopoly on gas supplies abroad and has become the most vulnerable victim of the recent sanctions. The company thus joined an extensive program of supplying natural gas to local households.
On Thursday, Gazprom reported, according to Reuters, that in 2023 it suffered a certain loss from sales of 364 billion rubles. In 2022, he reached a profit of 1.9 trillion rubles. The company’s total revenue last year fell to 8.5 trillion rubles from 11.7 trillion rubles in 2022.
According to Reuters, natural gas supplies from Gazprom to Europe in 2023 fell by 55.6 percent to 28.3 billion cubic meters. Gazprom does not publish its own import statistics from the beginning of 2023.
Celoron’s gross operating EBITDA of about $7.2 billion (K168 billion) was the worst in 22 years, since the company posted $7.6 billion in 2002, said analyst Ronald Smith of Moscow-based brokerage BCS Global Markets. .
The results point to the dramatic fall of Gazprom, which was one of the most powerful Russian companies since the collapse of the Soviet Union, often used as a pawn in disputes with neighbors, such as Ukraine and Moldova. According to a Reuters analysis, the loss represents the first year of loss for Gazprom since the mid-1990s and the start of the new millennium, when the company was taken over in 2001 by an ally of President Vladimir Putin, Alexei Miller.
The company, which is now based in St. Petersburg, suffered a great loss in the late 1990s after it became indebted to foreign banks. This debt was subsequently inflated in ruble terms as a result of the 1998 financial crisis.
