Russian natural gas conglomerate Gazprom reported a significant loss of 629 billion roubles (£5.5bn) last year, as its sales to Europe sharply declined following President Vladimir Putin’s decision to invade Ukraine.
The company’s shares dropped by approximately 3.3% in Moscow after the announcement, a downturn far exceeding the anticipated losses of 447 billion roubles (£3.9bn) forecasted by analysts, as reported by Interfax news agency.
Previously, Gazprom had posted a profit of 1.2 trillion roubles (£10.4bn) in 2022. The company, predominantly owned by the Kremlin and headquartered in Moscow, is Russia’s leading oil and gas producer.
The decline in Russia’s gas exports to Europe, historically its main export market, has been steep as Gazprom felt the direct impact of Western sanctions.
For 2023, the company recorded a net loss of 364 billion roubles from its sales, a stark contrast to the 1.9 trillion roubles profit in 2022.
Overall revenue also decreased, falling to 8.5 trillion roubles last year from 11.7 trillion in 2022.
Gazprom has ceased publishing its export statistics since the beginning of 2023.
