RUSSIA – Gazprom Destroyed by Sanctions & Will Take Over 10 Years to Recover. Russia Ukraine War
Video Summary
Russia’s largest natural gas supplier, Gazprom, has suffered a significant loss of $7 billion in 2023, the first time in over 20 years. The company was once the largest gas company in the world, but Russia’s invasion of Ukraine has led to a significant decline in gas exports. Gazprom’s gas supplies account for 24% of the world’s total reserves, but it has failed to develop its liquefied natural gas (LNG) capabilities, making it difficult to compete with other major players in the market, such as the US, Australia, and Qatar.
Prior to the invasion, Gazprom was the world’s largest gas exporter, but it has now lost its position to other countries that have invested heavily in LNG infrastructure. The company’s failure to develop LNG facilities has put it at a disadvantage, and it is now struggling to recover its losses.
The report commissioned by Russian authorities estimates it may take Gazprom over 10 years to regain its pre-war position, and even then, it may not be able to return to its previous level of dominance. Australia’s small natural gas reserves pale in comparison to Russia’s, but it has been successful in converting its reserves into LNG, making it a significant player in the global market.
The decline of Gazprom’s fortunes is expected to have a negative impact on the Russian economy, with potential job losses and a ripple effect on other industries. The report concludes that Gazprom’s future looks uncertain, with the company facing significant challenges in recovering from its losses and regaining its position in the global gas market.
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