Gazprom plunges to first annual loss in 20 years as trade with Europe hit

CNBC ^ | 5/2/2024 | Reuters

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Kremlin-owned gas giant Gazprom said on Thursday it plunged to a net loss of 629 billion rubles ($6.9 billion) in 2023, its first annual loss in more than 20 years, amid dwindling gas trade with Europe, once its main sales market.

The results highlight the dramatic decline of Gazprom, which since the collapse of the Soviet Union has been one of Russia’s most powerful companies, often used as a leverage to solve disputes with its neighbors, such as Ukraine and Moldova.

Analysts had expected net income of 447 billion rubles, according to Interfax news agency.

According to Reuters analysis, it was Gazprom’s first annual loss since the late 1990s/early 2000s, when Alexei Miller, an ally of President Vladimir Putin, took over the company in 2001.

Gazprom’s 2023 loss followed a net profit of 1.2 trillion roubles in 2022.

The company, now headquartered in St. Petersburg, made heavy losses in the late 1990s after it racked up foreign-currency debt, inflated in ruble terms by the financial crisis of 1998.

[woodpusher]

Gazprom plunges to first annual loss in 20 years as trade with Europe hit

https://www.ft.com/content/21a5be9c-afaa-495f-b7af-cf937093144d

IMF raises Russia growth outlook as war boosts economy

New 2024 forecast of 2.6% rise doubles previous prediction and prompts questions over sanctions against Moscow

Financial Times<>/i>

Sam Fleming in London, Claire Jones in Washington and Max Seddon in Riga JANUARY 30 2024

Russia’s economy will expand much more rapidly this year than previously expected, according to the IMF, as President Vladimir Putin’s military spending feeds through into wider growth.

For GDP % increase projected January 2024,

U.S. 2.1
Germany 0.5
France 1
Italy 0.7
UK 0.6
Eurozone 0.9
Russia 2.6
China 4.6
India 6.5

[kiryandil]

Chasiv Yar by Victory Day!

Lights back on in Kharkov by Ukraine Democracy Day^*!

^*The period of the martial law regime in The Ukraine has been extended until 13 May 2024, but it can be further extended unlimited times.