HomeMediaLatest NewsGazprom has returned to the 1990s

Gazprom has returned to the 1990s

Salikhov Marcel R. President, Principal Director on Economic Studies, Head of the Economic Department

Marcel Salikhov, President of the Institute for Energy and Finance, commented to the Kommersant newspaper on the Gazprom's financial statements publication.

Gazprom (MOEX: GAZP) at the end of 2023 showed the worst result in its history according to International Financial Reporting Standards (IFRS). The concern's loss amounted to 629 billion rubles, and revenue decreased by 27% to 8.54 trillion rubles.

The overall negative effect of reduced sales in the EU and lower gas prices on Gazprom's revenue, according to Marcel Salikhov, can be estimated at $50-55 billion, or 4.2–4.7 trillion rubles according to the average annual rate of 2023. He also reminds about the increase in the tax burden on the company, primarily about the additional increase in the tax on mining.

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