For the Russian gas giant Gazprom, the money tap is “open”: selling assets – just the beginning?

The company announced on Wednesday that it is looking for buyers for large real estate in Moscow and the Moscow region, The Moscow Times reports.

Among them are office buildings, the spa complex of the Imperial Park Hotel & Spa, non-residential first-floor premises in the building, as well as a 96-space parking lot near the company’s headquarters in Moscow.

Gazprom announced that it suffered a loss

Last year was a loss for Gazprom – a negative result was recorded for the first time in almost a quarter of a century, and it was caused by a sharp decrease in the volume of trade with Europe after the start of the invasion of Ukraine.

Last Thursday, Gazprom announced the 2023 having experienced a net loss of 629 billion ruble (approximately 6.9 billion US dollars) loss, which exceeded analysts’ forecasts.

Russian media reported that it was Gazprom’s first net annual loss since 1999.

After the 2022 – in the first year of the large-scale war in Ukraine – a profit of 1.23 trillion rubles was made, Russian analysts predicted that the profit, although not as large, will also be obtained in 2023.

Last year’s loss was largely due to a sharp drop in natural gas volumes delivered to Europe, which was once one of Gazprom’s main markets.

In protest against the sanctions imposed by the West due to the war started by the Kremlin, in 2022 in the summer, Moscow itself practically turned off the gas taps to Europe.