Record loss for Russia's Gazprom as European market closed

Pallade Veneta - Record loss for Russia's Gazprom as European market closed

Record loss for Russia's Gazprom as European market closed / Photo: NATALIA KOLESNIKOVA - AFP

Russian energy giant Gazprom said Thursday it suffered a record annual loss last year as the European market was practically shut to its gas exports due to sanctions over Moscow's military operation in Ukraine.

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The state-owned firm suffered a net loss of 629 billion rubles ($6.9 billion) in 2023 compared to a net profit of 1.23 trillion rubles in 2022.

The results are an indication of the heavy impact of Western sanctions on Russia following the military offensive launched in February 2022.

Exports to Europe have long been Gazprom's top earnings source, but following the start of the conflict in Ukraine European nations sought to reduce their reliance upon Russian natural gas.

The sabotage of the Nord Stream pipelines in September 2022 then closed off the main transportation channel.

Gazprom has sought to find new export clients, but building new infrastructure is costly and can take years.

It is seeking to increase the capacity of its Power of Siberia pipeline to China, but Moscow has yet to seal a deal with Beijing to build a second pipeline.

Gazprom, which has the largest natural gas reserves in the world, also has to deal with the financial burden of expanding its domestic distribution network.

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Pallade Veneta - Record loss for Russia's Gazprom as European market closed