Significance In its 2023 financial statements, the energy giant reported a loss of RUB629bn (USD7.4bn at the average exchange rate for 2023), an extraordinary reverse compared to the USD17.5bn profit reported in 2022 and the USD18.6bn profit recorded in 2019. The company’s financial report reveals other trends that suggest that it may never recover from the shock caused by the loss of the European gas market. Impacts Gazprom will be forced to make cuts in operating costs that it failed to achieve in 2023, no matter how unpleasant the impact. The energy giant will be forced to reduce its payments to the Russian government. Federal budget revenues will continue to grow despite the reduced payments by Gazprom.