Gazprom considers record job cuts as Ukraine war ravages finances

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Financial Times 1d ago

Gazprom considers record job cuts as Ukraine war ravages finances - Financial Times

Quick Summary:

Revenues fell almost 30 per cent year on year to Rbs8.5tn, with gas sales dropping from Rbs8.4tn to Rbs4.1tn.

They emphasise that the cuts apply only to Gazprom’s headquarters in St Petersburg and not branches and subsidiaries across the country, which employ several hundred thousand people.

Although the company’s finances have improved in 2024, analysts say Gazprom is unlikely to return to its previous profit levels.