Gazprom’s net profit fell 41.4% in 2022, a year marked by a sharp drop in gas exports from Russia due to sanctions related to the Ukraine conflict.
Net profit rose from 2.09 billion rubles (about 17 billion euros) in 2021 to 1.23 billion (10 billion euros) last year, according to the annual report of the Russian gas giant, which was published this Tuesday (23) and quoted by Russian news agencies.
The group, a pillar of the Russian economy led by close associates of President Vladimir Putin, has been a major target of Western sanctions.
In a statement released separately, the group explains that the “increase in tax payments in the second half impacted the value of benefits.”
To deal with this situation, Gazprom – a company listed on the Moscow stock exchange, but whose capital is 50.2% owned by the state – proposes not to pay dividends to its shareholders for the results of 2022.
Gazprom lost virtually all of the European market last year, with the exception of Liquefied Natural Gas (LNG), which European Union (EU) countries continue to buy for lack of an alternative.
The sanctions are aimed at limiting revenues from gas exports in order to deprive the Kremlin of significant resources to finance the military offensive in Ukraine.
Source: DN
