How Sanctions Ruin Russian Economy: Record Losses in Gas Revenues

How Sanctions Ruin Russian Economy: Record Losses in Gas Revenues

the losses of the Russia’s gas prom in 2023 exceeded 629 billion rubles which is almost 6.8 billion and this is after a net profit of more than $13 billion a year earlier such data was made public in Gus prom’s report this is the worst result in company’s history revenues decreased by 27% year onye mainly due to the gas business minus 43% domestic and foreign oil sales exceeded gas sales for the first time from Radio Liberty publication the main reason for the record losses is the sharp reduction in supplies to Europe to at least partially cover the losses Russia is supplying gas to China delivery through the pipeline called power of Siberia could reach 39 billion cubic meters by 2025 Moscow sells gas to Beijing with the big discounts and is ready to launch the second string of the gas pipeline power of Siberia 2 but China is not too interested in the Russian gas it is much more interested in energy security China does not intend to depend on a single supplier so there is no talk of full fleed compensation for now Russia has lost about 115 billion cubic met of the most profitable liquid Market forus prom the pipeline gas market and was able to replace only 11% of this 115 billion with supplies to China Russian natural gas supplies to Europe fell to 28 8.3 billion cubic met in 2023 after the war against Ukraine started Russia tried to Blackmail Europe but without success the market has stabilized due to the supplies from the USA Qatar Norway and the other countries they blew up the north stream and thought that the European Union would not be able to do without their guess because 42% of the European Union’s balance sheet was Russian gas Russia’s hopes were not justified the European Union was able to handle this crisis smoothly Russia is incurring losses solely because of its own mistakes analysts are sure they predict EU countries will not return to the Russian gas again Moscow has lost the European market forever they had the alternative of supplying liquified gas via the btic sea but the watchful eye of Ukrainian drones on the btic sea terminal led to a 30% cut in the supply of liquefied gas to the European Union even Kremlin loyal turkey is preparing to buy us liquefied natural gas according to turkey’s energy Minister Ankara considers the current level of dependence on Russian gas a threat to National Security reported by Anastasia tarnava Victoria smirnova uatv news

Delve into the staggering losses of Russia’s Gazprom in 2023, surpassing $6.8 billion after a $13 billion profit the previous year. Uncover the root causes behind this historic downfall, including dwindling European demand and failed attempts to pivot towards China. Witness the repercussions of Russia’s energy strategies on geopolitical alliances and the future of global gas markets.
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