Gazprom, the state-owned natural gas company that is a pillar of Russia’s economy, announced on Tuesday that its profit for 2022 plunged by more than 40% and said it would not pay a full-year dividend.
The news sent Gazprom shares down about 4% on the Moscow stock exchange. The state owns slightly more than 50% of the company.
Profits for the year were 1.226 trillion rubles (£12.4 billion), 41% lower than in 2021.
The company cited a windfall imposed last year to boost the government’s coffers as the reason for the decline.
But Gazprom also has lost most of its European customers amid the conflict in Ukraine and has tried to bolster its export business with increased supplies to China and other markets.