Rome, 2 May 2024 – The Russian gas giant, Gazprom begins to be heavily affected by the reduction in methane imports by Europe after the outbreak of the war in Ukraine.
Gazprom will lose 6.44 billion euros in 2023
In fact, Gazprom’s sales are collapsing: in 2023 the Russian energy giant recorded a loss of 629 billion rubles (equal to 6.9 billion dollars, equal to approximately 6.44 billion euros), the worst in recent decades.
The Russian invasion of Ukraine indeed led to the collapse of sales in Europeits main source of income: effect of sanctions and Europe’s need to free itself from energy supplies from Russia.
THE Gazprom’s revenues – underlines Il Financial Times – I’m this way decreased by almost 30% year-on-year to 8.5 trillion rubles, with gas sales falling from 6.5 trillion rubles in 2022 to 3.1 trillion rubles.
Analysts underline how Gazprom has failed to adapt to the loss of the European market, with revenues from gas sales outside Russia (exports to China and other Asian countries were not enough) which fell from 7.3 trillion rubles in 2022 to 2.9 trillion rubles last year.
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THE profits from oil, gas condensate and petroleum products instead rose to 4.1 trillion rubles (+4.3%), successfully overcoming Western attempts to limit the Kremlin’s revenue from energy sales
European countries, meanwhile, have found alternative sources of gas: Russia’s share of the Gas imports into Europe fell by 40% in 2021, the last full year before the invasion, to 8% in 2023, according to the EU.
