Russia’s key gas exporter announces 41% profit fall

Link

Gazprom, the state-owned natural gas company that is a pillar of Russia’s economy, announced Tuesday that its profit for 2022 plunged by more than 40% and said it wouldn’t pay a full-year dividend.

The news sent Gazprom shares down about 4% on the Moscow stock exchange. The state owns slightly more than 50% of the company.

Profits for the year were 1.226 trillion rubles ($15.4 billion), 41% lower than in 2021.

The company cited a windfall imposed last year to boost the government’s coffers as the reason for the decline. But Gazprom also has lost most of its European customers amid the conflict in Ukraine and has tried to bolster its export business with increased supplies to China and other markets.

That's the entire article for now, breaking news. AP will update it as they keep adding to the article, as they normally do, but this is just a skeleton of an article to begin the chat.

Looks like the sanctions are beginning to take their toll. Not just the sanctions on oligarchs and criminals, but the sanctions on the Russian economy as a whole. It was said that Russia could sustain their economy for a period of two years, even under the sanctions, and they very well could, but not at a level of comfort.

And two years in, things may be a whole lot worse.

Crime doesn't pay.

a reply to: Mahogany

Russian economy as a whole. It was said that Russia could sustain their economy for a period of two years, even under the sanctions, and they very well could, but not at a level of comfort.

The Russian economy is doing better than the Euporean/EU countries with certain issues.

Imports of Russian coal into China are high now partly due to the heatwave it's currently facing. This fuel is primarily used to generate power for electricity and air-conditioning.

That's on the back of a record heatwave in the region, which is driving the demand for air-conditioning.

doesn't seem that the Russian economy is in any trouble.

When winter comes it will get really bad for Russia, but then they are used to it. When you have little losing more isn't much. Food will be a big issue this winter for them.

originally posted by: vNex92

doesn't seem that the Russian economy is in any trouble.

They doing so damn good the sanctions should just stay there forever.