Gazprom reports sharp net income decline
Russian gas giant Gazprom reported Tuesday an 8.5-fold drop in its net income for the first six months of the year as Europe moves away from Moscow's energy supplies over Ukraine.
After President Vladimir Putin sent troops to Ukraine last year European countries, which were heavily reliant on Russian natural gas supplies, raced for other sources.
On Tuesday, Gazprom said its net profit for January-June 2023 fell to 296 billion rubles ($3.1 billion) from 2.5 trillion rubles over the same period last year. Famil Sadygov, deputy CEO at Gazprom, chalked up the fall to the weakening ruble.
"The decline in exports to Europe was partially offset by an increase in supplies to China, which will continue to grow within contractual obligations, as well as by the efficient operation of the oil business," said Sadygov.
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