Record Loss for Russia's Gazprom as European Market Closed

Russian energy giant Gazprom reported a record net loss of 629 billion rubles ($6.9 billion) in 2023, a sharp reversal from its 1.23 trillion ruble profit in 2022. The loss is attributed to European markets closing to its gas exports following Western sanctions due to Russia's military actions in Ukraine. Gazprom's primary revenue source has been significantly impacted, with the sabotage of the Nord Stream pipelines exacerbating the situation. The company is now exploring new markets and expanding its infrastructure, such as the Power of Siberia pipeline to China, amidst these challenges.