The loss of a key European market has dealt a severe financial blow to Russian energy giant Gazprom, resulting in net losses of 1.076 trillion rubles ($13.1 billion) in 2024
The downturn has forced Gazprom to implement cost-cutting measures, including mass layoffs. On Jan. 13, Russian media outlet 47News reported that the company was preparing to lay off 1,600 employees from its central office.
Gazprom has 460k employees to maintain the oil and gas infrastructure. The other big cost is taxes to the Russian government.