Gazprom, the Russian gas monopoly, is facing significant losses, marking its first time without profits since 1999. Sanctions and isolation are believed to be contributing factors. The company's production levels are at their lowest since the 1970s, with sales to Europe severely impacted. These losses could affect Russia's ability to finance the war in Ukraine, as Gazprom was a major revenue source for the country.
Gazprom’s cheesy corporate slogan—“Dreams come true!”—does not ring so true anymore as Moscow’s former cash cow becomes a loss-making drain. https://t.co/IFx0ssFvdI
The fact that Gazprom went from being Russia's cash cow to multi-billion dollar losses in just one year, its first losses since 1999, is a VERY big deal. It was Russia's largest company and now it's selling off prized assets just to make interest payments. https://t.co/v75wdvGvpX
Largely cut off from sales to Europe, Gazprom is suffering huge losses. That deprives the Kremlin of what had been the source of revenue for 10% of Russia's budget, harming Putin's ability to sustain his endless war in Ukraine. https://t.co/kto89coHcc
In addition to its largest losses since 1999, Gazprom's production now down to levels not seen since 1970's. https://t.co/00nAzROzw5
Gazprom’s woes are very likely setting off alarm bells in Moscow: With no good options for the company to revive flagging gas sales, its losses could weigh on Russia’s ability to finance the war in Ukraine, columnist @AgatheDemarais writes. https://t.co/IFx0ssFvdI
Gazprom - the Russian gas monopoly - is NOT making profits for the first time since 1999 Sanctions and isolation of Russia works - slowly, but certainly. https://t.co/Rl7ocrWLcP
Gazprom’s losses demonstrate the extent to which the Kremlin’s decision to turn off the gas tap to Europe in 2022 has backfired, columnist @AgatheDemarais writes. https://t.co/IFx0ssFvdI
There was a time when people predicted that Gazprom would become the world's most valuable company. So pleased to see that not happening. Sanctions work. https://t.co/l0RHa5kE9o