Gazprom, once referred to as Russia's 'second budget' due to its massive revenues and influence, now struggles under the weight of sanctions and the loss of European markets. After being a resilient player during past crises, the company faced its first loss in 25 years, reporting a $7 billion deficit in 2023. Forced to focus on the domestic market, Gazprom is now seen as an inefficient utility that can't leverage its gas reserves effectively, thus reflecting a broader decline in Russia's economic standings due to ongoing geopolitical conflicts.
The Gazprom Group has transformed from a geopolitical powerhouse into a diminished utility provider, struggling with domestic focus and heavy state-imposed burdens.
Once hailed as the country's 'second budget,' Gazprom now faces its most significant losses due to the ongoing war in Ukraine and European market exits.
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