The Russian gas monopolist has recorded a loss for the first time in a quarter of a century due to the loss of the European market.

The export of petroleum products from the Russian Federation has fallen to a two-year low. Due to a sharp reduction in supplies to Europe in 2023, the Gazprom corporation lost ₽629B ($6.8B). According to analysts’ estimates, in 2023, the corporation reduced pipeline exports to Europe by more than 60%, to 24 billion cubic meters, against 62 billion cubic meters in 2022.

In addition, according to S&P Global Commodities at Sea, in April, Russian petroleum product exports fell to their lowest level, which was recorded during the COVID-19 pandemic in mid-2020, to an average of 1.94 million barrels per day.

Russia is still repairing its western refineries, which remain under attack by Ukrainian drones.

In addition, the sanctions imposed by the US have almost completely ceased the production and export of Russian liquefied natural gas. In the next few years, Russia expects such a serious economic situation to result from this dynamic that it is trying to find ways to bypass these restrictions.