Russia's Invasion of Ukraine (Official Thread)

Orbital-Fetus

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Mjpls France Remix
 

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Russia struggles to sell gas reserves as Gazprom faces market challenges​

Russia's state energy giant Gazprom has been left struggling to break new markets with its revenue plummeting by 41 percent and sales and gas production also down

NEWS

By

Brian DillonWhat's On and Travel reporter

Callum Hoare

  • 06:43 ET, MAY 26 2024

Vladimir Putin looks concerned in a close up shot at a press conference

Vladimir Putin (Image: Getty Images)

Russia is grappling with "enormous difficulties" in selling its vast gas reserves, a situation that could potentially affect its ability to sustain the war in Ukraine. This information comes from a new analysis by the Atlantic Council think tank, which reveals that Gazprom, Russia's state energy behemoth, is finding it challenging to penetrate new markets.

This follows Gazprom's decision to limit its gas supplies to Europe in 2022, an attempt to undermine Kyiv's allies ahead of the winter season. However, Western countries managed to quickly reduce their dependence on Russian gas and become self-sufficient.

Gazprom saw its revenue plummet by 41 percent year-over-year in the first half of 2023, while sales profits fell by 71 percent and gas production decreased by 25 percent. Gazprom Group, which also encompasses oil and power businesses, reported a net loss of 629 billion rubles [$6.9 billion] for the previous year.


Currently, Russia finds itself isolated, with a proposed pipeline to connect it with close ally China estimated to cost around $100 billion - funds it can ill afford to spend. Furthermore, China is not anticipated to require additional gas supplies until after 2040.

These factors, according to experts, leave Gazprom in a precarious position for the foreseeable future. Berlin-based energy analyst Thomas O'Donnell told Newsweek that Gazprom's troubles have demonstrated that Putin's strategy of using Russian gas as a weapon against Europe has backfired, reports the Express US.

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He stated: "It was intended to shock Europe and force them into submission with an energy war to prevent their acting in solidarity with Ukraine to his surprise, this did not happen."

"Putin has a lot of gas and he can't sell it."
 

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:laff:



:mjlol:
 

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Teal.

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It looks like they finally letting Ukraine strike Russia. This would have probably changed the course of how this war went if they started this earlier. Smh

This slow approach to prevent more of this land grab from a “proven” adversary is something the USA has been lacking from all three administrations.
 

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Well, this won't be good:francis:.

The good thing is that Russia hasn't used any chemical weapons, which means that they're wary of NATO intervening.

Still think this ends in a stalemate unless Putins's cabinet turns on him, and the next man up concedes all of their gains.
 
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