Gazprom Registers Record Annual Loss for the First Time in a Quarter of a Century

At the end of 2023, Gazprom reported a loss of $6.7 billion according to IFRS, following the company's financial statements. A year earlier, the gas monopoly had recorded a profit of $13.4 billion.

Gazprom's revenue decreased by 27% compared to 2022. Revenue from the gas business plummeted by 43%, while oil business profits rose by 4%, and the electricity sector increased by nearly 9%.

This decline occurred against the backdrop of a collapse in gas trade with Europe, which had been the company's main market before the Russian invasion of Ukraine. According to The Moscow Times, last year Gazprom exported only 69 billion cubic meters of gas, marking the lowest volume since 1985. Simultaneously, supplies to Europe dropped to levels seen in the second half of the 1970s, at 28 billion cubic meters.

In December 2023, Gazprom’s Deputy CEO Famil Sadigov stated that the company expects “confident financial results.” He insisted that although gas prices and export volumes have decreased, Gazprom anticipates generating more than $4.3 billion in revenue from gas sales and $37 billion from other activities in 2023.