Apart from falling European exports, Gazprom has also been hit by stabilising natural gas prices following the Russia-Ukraine war. It was also sharply at odds with the 1.2 trillion roubles profit seen in 2022. Total revenue also dropped to 8.5 trillion roubles in 2023, a slide from the 11.7 trillion seen in the previous year. However, a milder than expected winter in 2023 also meant that less energy supplies than previously anticipated were used. As of now, Gazprom has been hiking its natural gas supplies to China, with the help of a pipeline going through Siberia.

Source: The North Africa Journal May 03, 2024 13:05 UTC