Russia’s Gazprom profits plunge as EU finds alternatives

Russian gas giant Gazprom plunged to a loss of Rbs629 billion (€6.4 billion) in 2023, an almost 50 per cent reversal of the Rbs1.2 trillion profit it reported in 2022, as revenues from gas sales more than halved.

Total revenues fell almost 30 per cent to Rbs8.5 trillion, from Rbs11.7 trillion a year earlier.

The results reflect the EU’s greater than expected success in finding alternative sources of gas and Gazprom’s failure to make up for the loss of the EU market, despite attempts by Russian authorities to paint a rosy picture to the contrary.

Gazprom’s Moscow-listed shares fell more than 3 per cent on the news. Most Russian analysts had expected it to make a small profit. – Financial Times

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