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Gazprom plunges to worst loss in decades as sales to Europe collapse

Energy giant suffers fallout from Ukraine war as Europe weans itself off Russian supplies

Russian energy giant Gazprom plunged to its biggest loss in at least a quarter of a century after gas sales more than halved in the fallout from Vladimir Putin’s war in Ukraine.

The loss of Rbs629bn ($6.9bn) in 2023 underlines how the Russian president’s invasion of Ukraine has ravaged the state-owned natural gas monopoly, leading to plummeting sales in Europe, its main source of income.

Gazprom’s revenues fell almost 30 per cent year-on-year to Rbs8.5tn, with gas sales dropping from Rbs8.4tn to Rbs4.1tn.

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