2024-05-12T16:06:00+03:00 Politics 2024-09-15T04:25:29+03:00

Ukrainian news

Russian Gazprom suffers most losses in past 25 years - British intelligence

Russian Gazprom suffers most losses in past 25 years - British intelligence

Russian Gazprom has suffered record losses over the past 25 years. At the same time, the kremlin plans to further tax one of its largest state-owned companies.

This is stated in the intelligence review of the British Ministry of Defence.

So, the British Ministry of Defence recalled that Gazprom reported the largest annual loss in 25 years. In 2023, Gazprom's revenues fell by about 30%, resulting in an annual net loss of about USD 6.9 billion.

As noted in the review, the invasion of the aggressor country of russia in Ukraine in 2022 and the subsequent deterioration of relations with the West seriously limited Gazprom's activities.

The complete reorientation of Gazprom's exports from European markets is likely to continue to limit its profits at least until 2030, the report said.

Although Gazprom was able to refocus some of its trade on alternative markets, due to infrastructure restrictions, they probably accounted for only 5% to 10% of lost European sales in 2023, the review said.

British intelligence suggests that the increase or future sales will depend on the construction of new infrastructure, for example, the Power of Siberia 2 gas pipeline.

In addition, it is noted that the high taxation of Gazprom's revenues in 2022 and 2023 almost certainly reduced the opportunities and incentives for the company to invest in expansion into alternative markets. In 2023, Gazprom paid approximately USD 28 billion to the russian budget, which is about 9% of the total revenues of the russian budget. However, the russian government intends to further increase the tax burden on Gazprom in 2024, which likely influenced Gazprom's decision to reduce its investments for 2024 by about 15%, the department analysts said.

As Ukrainian News Agency earlier reported, in January, Gazprom without explanation reduced the usual application for gas transit from the russian federation to Europe through Ukraine.

And in 2023, russian Gazprom classified statistics after the collapse of exports to the lowest since Soviet times.