As a result of the full-scale invasion of the territory of Ukraine and the deterioration of relations between the West and Russia, the activities of the energy company Gazprom are seriously limited.
Losses of the Russian Gazprom
According to the UK Ministry of Defense, citing intelligence, Russia's Gazprom suffered its biggest annual loss in the last 25 years.
Russian Gazprom's revenues fell by about 30% last year, resulting in an annual net loss of about 629 billion rubles (we're talking about $6.9 million).
Currently watching
— Gazprom's failure to completely refocus exports and move away from dependence on European markets will likely continue to limit profits until at least 2030, — noted in British intelligence.
Russian Gazprom was able to redirect only part of its trade to alternative markets. They are likely to account for 5% to 10% of lost European sales through 2023.
Will Gazprom be able to increase revenues
— It is very likely that increased future sales will depend on the construction of new export infrastructure facilities, for example, the Power of Siberia 2 gas pipeline, — According to the British Ministry of Defense.
High taxation of Gazprom's profits in 2022 and 2023 has almost certainly reduced the company's ability and incentives to invest in expansion into alternative markets, British intelligence analysts believe.
Last year, the Russian Gazprom paid 2.5 trillion rubles ($28 million) to the Russian budget, that is, 9% of total government revenues.
British intelligence suggests that the Russian government will increase the tax burden on Gazprom in 2024, which could influence the company's decision to reduce investments for this year by about 15%.
