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Gazprom’s sales are collapsing: in 2023 the Russian energy giant recorded a loss of 629 billion rubles (equal to 6.9 billion dollars), the worst in recent decades. The Russian invasion of Ukraine has in fact led to the collapse of sales in Europe, its main source of income. Gazprom’s revenues – underlines The Financial Times – thus decreased by almost 30% on an annual basis to 8.5 trillion rubles, with gas sales falling from 6.5 trillion rubles in 2022 to 3.1 trillion rubles. Analysts point out that Gazprom has failed to adapt to the loss of the European market, with revenues from gas sales outside Russia falling from 7.3 trillion rubles in 2022 to 2.9 trillion rubles last year. year. 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 Europe’s gas imports fell from 40% in 2021, the last full year before the invasion, to 8% in 2023, according to the EU.
