The Russian gas concern's revenues are shrinking due to the loss of the European market.

The attempt of the Russian authorities to “freeze” Europe with a sharp reduction in gas in order to persuade the West to make concessions on the war in Ukraine completely failed: if European countries very successfully went through the second winter in a row without Russian gas, then Russia not only did not achieve any political goals, but also It also plunged Gazprom into colossal losses, whose revenues continue to decline amid the loss of the European market.  

Thus, at the end of 2023, the net loss of the Russian gas concern according to international standards amounted to  629.1 billion rubles, Interfax writes with reference to the company’s report.  

Such figures contrast sharply with 2022, which Gazprom ended with a net profit of 1.226 trillion rubles.  According to estimates by Western analysts, Gazprom's supplies to the European market last year decreased to 28.3 billion cubic meters, and revenue fell by 27% compared to 2022: from 11.7 trillion rubles to 8.54 trillion rubles .  

The published report, which indicated Gazprom's losses for 2023, collapsed the concern's shares, which at the time of writing the news fell in price by 3.99% - to 156.70 rubles, according to data from the Investing portal.