The corporation easily coped with the financial crisis of 2008, a devaluation of the ruble of 2014 and the challenges associated with the coronavirus pandemic. About it writes The Washington Post. Now the Russian economy cracks at seams under sanctions and expenditures for a three -year war in Ukraine - and Gazprom has been one of the victims of a full -scale invasion.
Unlike other Russian companies that demonstrated outstanding stability and found bypasses to produce critically important goods through third parties and complex payment mechanisms, there is no such flexibility in Gazprom. His huge gas network was Achilles' heel.
The loss of European markets, which accounted for three quarters of the gas profit in 2022, forced the Gazprom Group to be rebuilt: the geopolitical and financial heavyweight was satisfied with the modest role of the supplier of domestic utilities. By 2022, the most profitable Russian company lost $ 7 billion in 2023-due to the loss of a share of the European market, it was the first loss of a quarter of a century.
At the beginning of 2024, Gazprom demonstrated profit, but in the third quarter of the year there were losses again. Analytists estimate that the trend will continue unless new clients are found abroad. Most of the gas is now sold in the domestic market at a reduced price. Recall that, according to Reuters, after the strokes of the Russian Federation, Ukraine lost 40% of gas production.
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