Gazprom , Gazprom, which is Russia’s biggest natural gas enterprise, saw losses of more than $12 billion in the previous year, as reported. Reuters .
Starting from February 2022, Moscow has encountered financial sanctions imposed by Western countries as a response to its invasion of Ukraine. These limitations have significantly affected the energy sector, a major contributor to Russia’s income.
The drop in revenue for the major Russian energy company has been exacerbated by Ukraine’s decision not to extend the transportation of Russian natural gas across its land.
The Kremlin depends on income from the energy sector to finance its military operations, underscoring the economic pressure due to the decline.
In 2023, Gazprom 's share value crashed, resulting in an overall loss of approximately $13 billion.
(QG - Source: Newsweek / Reuters - Image: © Unsplash)
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