The latest financial results show a significant decline for Gazprom following Russia’s invasion of Ukraine in 2022. The Kremlin-owned gas giant reported a net loss of 629 billion roubles ($6.9bn) in 2023, marking its first annual loss in over 20 years. This sharp drop in profits is attributed to decreased gas trade with Europe, once the company’s primary market. Analysts had anticipated a net income of 447 billion roubles ($4.81bn). This is the first annual loss for Gazprom since the early 2000s, when Alexei Miller took charge of the company. The loss comes on the heels of a net profit of 1.2 trillion roubles ($12.9bn) in 2022. The decline in revenue has been further compounded by Western sanctions and reduced gas exports to Europe. Gazprom’s efforts to expand natural gas services to local households have not been enough to offset the financial setback. Total revenue dropped to 8.5 trillion roubles ($91.5bn) in 2023 from 11.7 trillion roubles ($126bn) in 2022, and core profit fell to 618.38 billion roubles ($6.66bn) from 2.79 trillion roubles ($30bn) in the previous year. Gazprom’s natural gas supplies to Europe also saw a significant decrease in 2023.