The financial result, which the company published on Thursday, really surprised analysts. Those polled by the independent Russian agency Interfax expected Gazprom to generate a net profit of 447 billion rubles.
Gazprom shares on the stock exchange in Moscow responded by falling by 3.3, Reuters reported.
The company said it suffered a net loss on sales of 364 billion rubles last year, while it had a profit of 1.9 trillion rubles in 2022. The company’s total revenue fell to 8.5 trillion rubles last year from 11.7 trillion rubles in 2022.
Europe has been Gazprom’s dominant export market for many years. After Russia attacked Ukraine in February 2022, the situation began to change dramatically and Europe began to get rid of its dependence on Russian gas. Gradually, it was able to replace Russian supplies from other sources, especially liquefied natural gas (LNG).
According to Reuters, Gazprom, which has a monopoly in Russia for exporting gas abroad, is the most visible victim of Western sanctions. According to the agency’s calculations, Gazprom’s natural gas supplies to Europe fell by 55.6 percent to 28.3 billion cubic meters last year.
The company itself has not published its own export statistics since the beginning of 2023.
Gazprom sued CEZ and other European companies
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