Gazprom, the Russian gas monopoly, has reported its first annual loss since 1999, with production levels at a historic low. Sanctions and isolation have impacted its profits, leading to significant financial challenges. The company's struggles could hinder Russia's ability to fund the ongoing war in Ukraine, as Gazprom's revenue previously contributed to 10% of Russia's budget. Gazprom's stock price has plummeted by 60% from its 2021 peak, prompting the Russian government to instruct the company not to pay dividends for 2023.
Ru business news 20/May/2024: The Russian government has instructed Gazprom to not pay dividends for 2023. Gazprom's stock dropped 6,44% after the news was announced. https://t.co/LbEYDwjWff
Russian government tells loss-making Gazprom not to pay dividends for 2023 https://t.co/qnqypdsclZ https://t.co/Ww1KwmbToC
#Russia: government tells loss-making Gazprom not to pay dividends for 2023 https://t.co/MX6OwIACYW
Russia: Gazprom stock is down 60% from its 2021 peak of 360 rubles before the full scale invasion of Ukraine. https://t.co/iEtWHExg44
Russia: Gazprom stock price is crashing on the Moscow Stock Exchange right now. https://t.co/1sudt7QDZx https://t.co/3YSPWzjmHC
Over the last few decades, the decision to deepen reliance on Russian gas has put Europe in a dangerous position, writes Anna Fotyga. https://t.co/iI9JstcXzx
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
Russian energy giant Gazprom posted its first annual loss this month dating back to 1999, per BI.
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