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

    05/02/2024 10:01:21 AM PDT · by marcusmaximus · 21 replies
    CNBC ^ | 5/2/2024 | Reuters
    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...