The Russian gas giant Gazprom faced a significant increase in net losses in the first half of 2024 compared to the same period last year, as reported by Ukrainian media outlet enkorr on July 31. The company reported losses of 480.64 billion rubles ($5.5 billion) in 2024, up from 255 billion rubles in 2023.
Gazprom’s financial struggles can be attributed to various factors, including the impact of Russia’s invasion of Ukraine, which strained relations with Europe and hindered the company’s operations. The decline in revenue and market share in the EU further exacerbated its financial woes.
Despite some success in other foreign markets, Gazprom still heavily relies on European sales, which are projected to decline significantly in the coming years. The company’s outlook remains uncertain, with experts like Elina Ribakova highlighting the challenges ahead.
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In 2023, Gazprom suspended Bulgargaz’s long-term contract, impacting gas deliveries to customers.