The Russian government is considering reducing the tax burden for Gazprom, which has faced a steep decline in exports, losses, and has been forced to sell off assets and lay off staff.

This is reported by The Moscow Times, citing sources.

Gazprom may reportedly  have a reduced tax on gas extraction, which brings about 2 trillion rubles to the Russian budget annually .

One of the sources also confirmed that tax cuts for Gazprom are being considered on behalf of Russian President Vladimir Putin , and according to other interlocutors, the Russian authorities intend to compensate for the lost revenue by raising taxes for other gas producers, the largest of which are Novatek and Rosneft.

To support Gazprom, the Russian government has already exempted it from a 600 billion ruble per year mineral extraction tax surcharge and has also launched a massive domestic gas price hike. Tariffs for households increased by 24% in 2022-24 and, according to the plan of the Russian Ministry of Economic Development, will be increased by another 42.2% in 2025-2028.

It was previously reported that the Russian authorities are discussing the possibility of sharply increasing gas prices for industry in order to patch up Gazprom’s budget, which is suffering losses due to the loss of the European market.

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

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, based on the results of 2023, for the first time in 25 years, suffered a record net loss of $6.1 billion and became the most unprofitable company in the Russian Federation.

In May of this year, it was reported that the Gazprom board of directors decided not to pay dividends from profits for 2024.

In early summer 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 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.

Author:  Halyna Yalivets Джерело: https://censor.net/n3560821

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