Gazprom slumps to first annual loss in 22 years as trade with Europe hit (www.theguardian.com)

submitted 8 months ago* (last edited 8 months ago) by Buffalox@lemmy.world to c/ukraine@sopuli.xyz

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Profits were expected to be halved from the 2022 1.2 tn Rubles, but instead they made a loss in 2023 of 629bn Rubles or £5.5bn.

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[-] Buffalox@lemmy.world 16 points 8 months ago

Russia’s gas exports to Europe, once its primary export market, have slumped because of the political fallout from the conflict in Ukraine, while Gazprom, which has a monopoly on piping gas abroad, has been the most tangible victim of western sanctions.

Ha Putin, you bet the sanctions work! Remember this is how bad it was in 2023, this year will probably be way worse after Ukraine has also begun to take out depots and refineries. Rumors are that Russia is beginning to lack oil to service both their population and the war!
The oil industry is by far the biggest earner for Russia, so Gazprom posting such a bad result can only mean the Russian economy is feeling some real hurt from the sanctions.