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The Guardian - UK
The Guardian - UK
Business
Guardian staff and agency

Gazprom slumps to first annual loss in 22 years as trade with Europe hit

Gazprom Europe Ukraine Vladimir Putin Russia United States
A Gazprom sign is seen on the facade of a business centre in St Petersburg
Gazprom’s net loss of 629bn roubles (£5.5bn) in 2023 followed a net profit of 1.2tn roubles in the previous year. Photograph: Reuters

The Kremlin-owned gas company Gazprom has plunged to its first annual loss in more than 20 years, after gas sales more than halved following Vladimir Putin’s invasion of Ukraine.

The company made a net loss of 629bn roubles (£5.5bn) in 2023 amid dwindling gas trade with Europe, once Gazprom’s main sales market, as a result of sanctions and the throttling of pipelines to the continent.

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