Putin’s main war-funding ally has lost billions

Gazprom, Russia’s largest gas company, lost over $12 billion last year, according to Reuters.

Since February 2022, Moscow has faced financial sanctions from Western nations following its invasion of Ukraine. The energy sector, which accounts for a significant portion of Russia’s revenue, has been heavily impacted by these restrictions.

The Russian energy giant’s revenue decline has been worsened by Ukraine’s refusal to renew the transit of Russian gas through its territory.

The Kremlin relies on energy sector revenues to fund its war efforts, further highlighting the financial strain caused by the downturn.

In 2023, Gazprom’s stock price plummeted, leading to a total loss of nearly $13 billion.

(QG - Source : Newsweek / Reuters - Picture : © Unsplash)