The loss of a key European market has dealt a severe financial blow to Russian energy giant Gazprom, resulting in net losses of 1.076 trillion rubles ($13.1 billion) in 2024, the Moscow Times reported on March 18.
While the company's total revenue increased by 11% and its gas revenue by 14%, it still ended the year with a sales loss of 192 billion rubles ($2.3 billion).
In 2023, Gazprom posted a net loss under international accounting standards for the first time in 25 years, recording a historic deficit of 629 billion rubles ($7.6 billion).
In 2023, the company delivered 32 billion cubic meters of gas to Europe, nearly six times less than its peak of over 180 billion cubic meters in 2018-2019.
On Jan. 13, Russian media outlet 47News reported that the company was preparing to lay off 1,600 employees from its central office.
Gazprom's financial woes stem largely from the EU's decision to reduce reliance on Russian energy following the full-scale invasion of Ukraine.
Compounding its troubles, Russia's direct pipeline gas supplies to the EU have ceased completely after Ukraine refused to extend its transit agreement with Gazprom beyond Dec. 31, 2024. »
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