Gazprom's Struggle: From European Ambitions to Domestic Realities

Gazprom, once buoyed by European markets, now faces severe decline after Russia’s invasion of Ukraine led to sanctions. These have slashed its workforce and forced property sales. The company's share price plummeted, and its future now relies on domestic market gasification and strained ties with China.

Gazprom, the Russian state gas giant, had its future anchored to European sales a decade ago. The grand palazzo in St Petersburg, meant to symbolize this, now marks the company's decline.

The war in Ukraine and subsequent sanctions severely impacted Gazprom, leading to multi-billion-dollar losses and a drastic reduction in its European market.

Gazprom's focus has been forced back home, emphasizing gasification in Russia, while its attempts to expand in China face significant hurdles. The company's future remains uncertain as it navigates internal job cuts and property sales.

(With inputs from agencies.)