Russian energy giant Gazprom’s gas export revenues may have plunged 75% year-on-year in January-April to $8 billion due to lower supplies and gas prices, Reuters calculations showed.

Gazprom saw its gas exports, a key source of its earnings, almost halve in 2022 to 101 billion cubic metres (bcm) after relations between Europe and Moscow dropped to post-Cold War lows following the start of what the Kremlin calls a special military operation in Ukraine in February 2022.

Supplies were also cut after a mysterious blast at the undersea Nord Stream gas pipelines on the bed of the Baltic Sea in September.

According to Reuters calculations, based on export duties and volumes, Gazprom’s revenues from overseas sales may have declined to $8 billion in the first four months of the year from $32 billion in the same period in 2022.

Export revenues in April could have reached around $1.3 billion, unchanged from March.

Gazprom, which has stopped publishing its own export statistics, did not respond immediately to a request for comment.
Source: Reuters (Reporting by Reuters Editing by Mark Potter)