“Russian gas giant Gazprom suffered net losses from January to June 2024 almost double those in the same period last year… Moscow has heavily taxed Gazprom’s revenues over the last two years”
I wonder how much of Gazprom’s losses have been from higher tax (which might be reversed with a stroke of the pen by policymakers after the war), and how much has been damage to the business itself (EBITA)?
Clearly, both have contributed to losses. In addition to the huge loss of market share in Europe, there is likely a component of the infrastructure and gas fields maintenance running down, reducing production capacity - which might become more severe over time, like it did after the fall of the Soviet Union.
Moscow has heavily taxed Gazprom’s revenues over the last two years and the company paid $28 billion to the government in 2023, accounting for nine percent of the government’s revenue last year.
The decision to further increase taxation means Gazprom has cut investment this year by 15 percent, the British MoD said. The company’s profits will be restricted until 2030, the MoD believes.
In seeking new markets, Russia has been forced to export natural gas at reduced prices. The Russian Economy Ministry published a report setting gas exports’ price to China at $257 per 1,000 cubic meters compared with $320.30 for Western markets.
https://finance.yahoo.com/news/russia-increase-taxes-struggling-energy-162133750.html