Russian energy giant Gazprom said on May 2 it suffered a record annual loss last year as the European market was practically shut off to its gas exports due to sanctions over Moscow's military operation in Ukraine. The state-owned firm suffered a net loss of 629 billion rubles ($6.9 billion) in 2023 compared to a net profit of 1.23 trillion rubles in 2022. The results are an indication of the heavy impact of Western sanctions on Russia following the full-scale military offensive launched in February 2022.
