Europe responded to the war in Ukraine with a series of sanctions against Russia. And in order to deplete Vladimir Putin’s budget for the invasion, the West decided to leave, among other things, from Russian natural gas. The Kremlin, wanting to save the ruble after the start of the invasion, started turning off the taps itself.
More than a year and a half after the outbreak of the war, it is clear that Putin’s strategy has stopped working. The currency weakens more and more, and the budget deficit and inflation increase.
The effects of the restrictions can also be seen in the report published by Gazprom on Tuesday (29 August). The document shows that in the first half of the year, one of the champions of Russia made a net profit of 296.241 billion rubles. And in mid-2022, it had more than 2.5 trillion rubles in the black. This means a decrease of 88 percent.
In the second quarter alone, Gazprom recorded a net loss of 18.6 billion rubles. The company’s revenue decreased by 41 percent. to 4.11 trillion rubles, the lowest since the first half of 2020When fear gripped the world about the coronavirus pandemic – Bloomberg writes.
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And Russia earns less from energy resources
Gazprom’s press service, citing the Kommersant daily, explains that the collapse was the result of, among other things, the weak ruble. We have written many times about the bearish trend of the Russian currency.
And let’s remember that not so long ago the dollar could buy 100 rubles, but managed to strengthen it after raising interest rates. However, the Russian currency is collapsing again. Now for US dollars we will get about 96 rubles.
Russia also has exchange problems for example. oil. According to Vortex data compiled by Bloomberg, Russia shipped 2.24 million barrels of oil products per day in the first 20 days of August, down 14 percent from a year earlier. compared to July. This is the lowest level since May 2022 and about 5 percent. below last year’s levelsWhen Europe was still the largest market for Russian fuel.
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