Kremlin-owned gas giant Gazprom said on Tuesday its nine-month loss under Russian accounting standards, which do not include subsidiaries, was 309 billion roubles ($3.2 billion) compared to a profit of 446 billion roubles in the same period of 2023.

It did not explain the reason behind the losses.

For 2023, Gazprom group, which includes gas producing, oil and power units, incurred losses of almost $7 billion, its first since 1999, as the company’s exports to Europe plummeted due to the severe political rift with the West over the invasion of Ukraine.

According to Gazprom’s regulatory filings under Russian standards, its revenue in January – September rose by 8% to 4.3 trillion roubles from the same period in 2023.

Source: Reuters reported by Vladimir Soldatkin edited by Mark Trevelyan and David Evans