Crash: Gazprom lost £5.5bn last year as sales to Europe more than halved
Russian energy giant Gazprom suffered its biggest loss in at least a quarter of a century after gas sales more than halved as a result of the war in Ukraine.
Last year it lost £5.5bn when sales to Europe more than halved. Moscow shares fell 3.3 percent, with losses well above the 3.9 billion pounds forecast by analysts.
It made a profit of £10.4 billion in 2022. Gazprom, largely owned by the Kremlin, is Russia’s largest oil and gas company, and since Russia invaded Ukraine it is the most tangible victim of Western sanctions.
It has been trying to reduce its dependence on Europe by increasing its supplies from Siberia to China.
The UK has sanctioned several senior executives, including CEO Alexei Miller.