According to the numbers published by the natural gas producing group, the net loss in 2023 amounted to 629 billion rubles, compared to net profits of 1.226 billion rubles recorded in 2022.
The results reflect the difficulties faced by this company, which is considered a pillar of the Russian economy and which has been the target of unprecedented Western sanctions for more than two years, due to the Russian attack in Ukraine.
The gas giant was strongly influenced by the Europeans’ determination to get rid of dependence on Moscow in the field of energy. The Europeans were the main foreign client before the attack launched by the Russians in February 2022.
The sabotage of the Nord Stream 1 and 2 gas pipelines, in September 2022, practically paralyzed Russian gas supplies to the European Union. Since then, Gazprom has been trying to find new customers, but it faces a shortage of infrastructure, which would have been built to transport gas to Asia. It is expensive and time consuming.
With the world’s largest natural gas reserves, the massive Russian state conglomerate is still managing strong budgetary pressures without access to international financing, and must implement a project to expand its domestic gas distribution network.
But in the face of these difficulties, the group can count on the growing importance of the Siberian Force 1 gas pipeline, in the Russian Far East, towards China.
Rather // PDF
Lusa/The End
Emily Brontë is a journalist and feature writer specialising in culture, entertainment, literature, and current affairs. She is dedicated to producing clear, accurate reporting that helps readers stay informed about developments in the UK and around the world.
