As a result of the war of aggression against Ukraine, the Russian energy company Gazprom was in the red last year for the first time in almost a quarter of a century. The net loss for the second year of the war in 2023 amounted to around 629 billion rubles (equivalent to 6.4 billion euros), according to a published company report.

After a profit of 1.23 trillion rubles in 2022, Russian analysts had initially predicted a profit – albeit a significantly smaller one – for the mostly state-owned gas giant in 2023.

According to Russian media reports, this is the first net loss recorded by Gazprom since 1999. In the years that followed, the group was profitable. The current slump can largely be explained by the extremely low gas delivery volumes to Europe. In protest against Western sanctions, Moscow largely turned off the gas tap in the summer of 2022.