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The oil and gas industry has long been a major revenue source for Russia. In 2023, energy resource sales contributed a third of the country's income. However, with European countries rejecting Russian gas and China's reluctance to increase fuel imports, Gazprom faces significant losses. To offset these losses, domestic tariffs have been raised by over 11%, the highest in 11 years. Despite attempts to expand production, Gazprom's previous earnings are unlikely to return.
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