Gazprom swings to $6.9bn loss as Europe sales plunge

Russia's natural gas heavyweight Gazprom swung to huge loss in 2023 after sales to Europe dropped due to Western sanctions on Moscow.

The majority state-owned company headquartered in Saint Petersburg reported a net loss of 629bn roubles ($6.9bn) for last year, compared with a profit of 1.2trn roubles in 2022.

The consensus estimate was for a profit of 447bn roubles, according to Interfax, and represents the company's first annual loss in more than two decades.

Total revenues dropped to 8.5trn roubles from 11.7trn roubles the year before, as gas sales to Europe – once its main export market – more than halved.

Gas sales to the continent fell 56% to 28.3bn cubic metres, according to calculations made by Reuters.