Gazprom: from boom to bust

Lacking either the ability to generate cash for the Kremlin or serve as its geopolitical tool, Gazprom has lost its purpose

Russia’s Gazprom faces an existential crisis, after suffering its first annual loss in 24 years on the back of a collapse in its once-lucrative gas business in Europe. The state gas exporter’s future prospects depend on expanding sales to China. But Beijing is in no rush to receive this gas and is all too aware that the longer it waits, the better the price it is likely to get. Having once set its sights on becoming the world’s first trillion-dollar company, Gazprom is now struggling to find new avenues for growth. Gazprom plunged to an IFRS net loss of RUB629 ($7.4b) in 2023, it reported on 2 May, marking its first swing into the red since 1999, when Russia was in the middle of a severe fin