Gazprom’s foreign reserves collapse 98.5% amid sanctions

Foreign exchange reserves of Russia’s energy giant Gazprom HQ plunged in 2024 by a staggering 98.5% against the previous year.

This was reported on Telegram by the Center for Countering Disinformation under the National Security and Defense Council of Ukraine, CE Report quotes Ukrinform.

“In 2024, foreign exchange reserves of the PJSC Gazprom HQ, the monopoly supplier of pipeline gas from Russia for export, decreased from $862 million to $13.5 million — that is, by 98.5%. Over the year, the company's total ‘cash cushion’ has also shrunk by approximately $650 million. And these are only the statistics of Gazprom Group’s mother company as the report stops short of disclosing the situation of their subsidiaries,” the message says.

It is noted that sanctions are the main reason for the deterioration of financial performance, as is a decrease in gas supplies to European countries, which were previously the main sales market for Gazprom. Due to huge war spending, the government no longer has the opportunity to sustain the company.

The Center for Countering Disinformation emphasized that the problems of the Russian gas monopoly are not just their internal matter, being an indicator of the mounting crisis in Russia’s economy, where Gazprom is one of the largest and most strategically important actors.