Russian energy giant Gazprom sees gas sales more than halve in fallout from war in Ukraine

Russian energy giant Gazprom suffered its biggest loss in at least a quarter of a century after gas sales more than halved in the fallout from war in Ukraine.

It lost £5.5billion last year as sales to Europe more than halved. The shares in Moscow fell 3.3 per cent, with losses far higher than the £3.9billion predicted by analysts.

It made a profit of £10.4billion in 2022. Largely owned by the Kremlin, Gazprom is Russia’s largest oil and gas company, and since Russia invaded Ukraine is the most tangible victim of Western sanctions.

It has been trying to reduce its dependency on Europe by increasing its supplies from Siberia to China.

A number of top executives have been sanctioned by the UK, including chief executive Alexei Miller.