Gazprom's Downfall: From European Hopes to Domestic Challenges

Gazprom, once Russia's most valuable company, faces a significant downturn as European markets dwindle due to international sanctions and geopolitical tensions. The company deals with heavy losses and job cuts while shifting focus to domestic gasification. Hindered by strained relations, future prospects for tapping into China's market remain uncertain.

The Russian energy giant Gazprom is grappling with massive losses and a substantial decline in European sales, a fallout from geopolitical tensions and international sanctions. Once a powerhouse in the European energy market, Gazprom now finds itself auctioning luxury properties to offset financial strains.

Following the Russian invasion of Ukraine, Gazprom has suffered a near-total loss of its European clientele. As a result, the firm contemplates selling a prestigious building in St Petersburg and downsizing its workforce. Amidst these challenges, Gazprom's future seems tied to domestic projects rather than foreign ventures.

Despite an initial spike in share price due to speculative hope of a diplomatic resolution, analysts express skepticism about Gazprom's chances of rekindling its former standing in Europe. Meanwhile, potential expansions into the Chinese market face obstacles, leaving Gazrom's global aspirations in jeopardy.

(With inputs from agencies.)