The foreign exchange reserves of the Russian Gazprom decreased by more than 50 times at the end of 2024. Thus, having started the year with 77.37 billion rubles in foreign exchange accounts, by the end of it Gazprom had only 1.37 billion

This follows from the company’s reporting, The Moscow Times  reports .

Converted at the Central Bank of the Russian Federation exchange rate, the company’s foreign exchange reserves decreased from $862 million to $13.5 million – that is, by 98.5% .

Gazprom’s total “cash cushion”, including rubles and current accounts, decreased by 17% over the year – from 321.5 billion to 267.1 billion rubles. The share of foreign currency in it fell from 24% to 0.4% .

As noted, the reporting takes into account only the main company of the Gazprom group and its core gas business and does not include subsidiaries, in particular oil assets, liquefied gas and energy. The head office accounts for about a third of all financial reserves of the company, which amounted to 933 billion rubles as of September 30.

Gazprom does not disclose the currency structure of the total “cash cushion”.

Last year, Gazprom’s parent company suffered a 1 trillion rub. net loss and a 192 billion rub. loss on sales. Exports to Europe, according to Reuters, amounted to 32 billion cubic meters and increased by only 4 billion cubic meters compared to 2023, when the volume of supplies fell to a minimum since the second half of 1970. For comparison: in 2018-2019, Gazprom pumped 180-190 billion cubic meters to the EU annually – that is, 5-6 times more.

Export collapse and losses are forcing Gazprom to cut costs. According to sources close to the company, Gazprom has laid off almost all employees of its once key export division: only a few dozen people remain, who are mainly involved in legal disputes with former European customers who have filed lawsuits against Gazprom for more than 18 billion euros.

It was previously reported that the net loss of the Russian concern Gazprom at the end of 2024 amounted to more than 1 trillion rubles ($11.98 billion).

It was previously reported that Gazprom is considering putting up for sale the building of its export division in the style of an Italian palazzo in the center of St. Petersburg, opened 11 years ago, as well as other luxury real estate, due to multi-billion dollar losses after losing the European Union gas market.

It was also reported that Gazprom, based on the results of 2023, for the first time in 25 years, received a record net loss of $6.1 billion and became the most unprofitable company in the Russian Federation.

In early June 2024, the FT reported that Gazprom would not be able to restore the gas export volumes lost as a result of the war in Ukraine for at least 10 years.

It later became known that at least 19 companies from more than 10 European countries filed lawsuits against Russia’s Gazprom for violating gas contracts, and their total amount reached 18.6 billion euros, or $20.6 billion.

Due to the loss of the EU market, Gazprom is forced to reduce gas production . According to the results of 2023, it fell by 13% – to 359 billion cubic meters from 412.9 billion cubic meters in 2022. In 2021, it reached 515 billion cubic meters, so over the past two years, Gazprom’s production has collapsed by 30%. Джерело: https://biz.censor.net/n3542563

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