RUSSIA - Gazprom Reports $7 Billion Loss as Sanctions Decimate Revenue & Exports. Russia Ukraine War

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GAZPROM has the sole contract to sell Russian Natural Gas and was Russia's Largest Business by Revenue prior to the Invasion of Ukraine. The business is 39% owned by the Russian State and has just reported a $7 Billion loss compared with Profit of $32BN in 2021. In this video I look at the results in more detail, discuss the implications of this loss on both Russia and the Russian Economy and the challenges that both Gazprom and Russia are facing.
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Chapters:
0:00 Intro
3:35 NATURAL GAS
6:46 GAZPROM
8:34 OWNERSHIP
10:44 VALUATION
12:12 DIVIDENDS
14:24 ECONOMIC IMPACT
21:08 SUMMARY & CONCLUSION
#russia
#gazprom
#ruble
#ukraine
#gdp
#imf
#russianeconomy
#sanctions
#russiansanctions
#braindrain
#uk
#pricecap
#GLOBALFINANCIALCRISIS
#RUBLE
#SWIFT
#RECESSION
#CHINA
#USA
#NATO
#WW3
#WORLDWAR3

[@JoeBlogs]

Go to ground.news/joe to stay fully informed on what’s happening in Russia and around the world. Subscribe through my link for 40% off the Vantage Plan, which is what I use everyday.

[@lapis.lazuli.]

Russia collapsed again Joe?

[@user-rz5di8fv9x]

👍☕👍

[@giovanni-ed7zq]

@joeblogs its likely reported late and the losses are more than that. you see 82 percent of russian gas went to eu by pipeline that they cant sell to anyone else. so the gazprom losses were there last year and alot more than 7 billion. russians cant sell that gas in volume to anyone else so they are just burning the gas because if they plug the well, the pipes will freeze and crack in winter and it will take them 30 years like in 1990 with exxon mobile expertise to repair it all again. its why those refinery hits are significant because russia doesnt have alot of refineries and it was all made with western tech and equipment they cant get anymore. creates a bottleneck in crude for russia as well, and jet fuel is a by product of gasoline.

[@gnrseanra9070]

How is Ukraine and how many people have died needlessly? Most stupid war ever.

[@giovanni-ed7zq]

@@gnrseanra9070 considering russia invaded ukraine, russia has about 500k casualties in 2 years so far. current casualty rate is 1200 a day, thats gonna break the record in 2024.

[@garyddlewis3067]

I have posted this loss on Russian you tube channels and it has provoked fury from Russian bots.

[@rmdomainer9042]

Well done.

[@Goe007]

Western Media Propaganda: Russia Economy is doing great "Sanctions do not work" !

[@user-ym9qw3gg3j]

I think there's more bots in our Congress than Russ like mtg boebert etc

[@RodJ58]

Bravo. 👏👏👏

[@jamesdoe3713]

I'm sure you're ignoring the current collapse of Ukraine front lines right now....

[@denismunro214]

Redundancy for Gazprom employees will be a double blow : they lose their jobs then get whisked into the army.

[@Jay.Kellett]

Or they leave Russia.

[@peregrine7303]

The German ex president Gehardt Schroeder also has a share in Gas prom

[@RodJ58]

Unfortunately for the Russian people, as Gazprom contracts, laid off employees will be made available for meat cubes on the front lines.

[@adamdante7306]

Or they will find emplyement in military industry.

[@rob3539]

@@adamdante7306 Paid for with printed money which means their wage will end up useless

[@electronige3444]

💯💥

[@ZTK-RC]

the monster of war has its toothpicks ready for hors d'ouevres

[@warrenjones5077]

I doubt they will be unemployed for long, the Ukrainian front is a major short term Russian employer these days. 😂🤣😂🤣

[@bradkubota6968]

Looks like all future Gazprom board meetings will be held on the ground floor.

[@supertuscans9512]

Glaziers are in high demand in Russia these days.

[@peterharma8937]

Brilliant 😂

[@carolwilliams8511]

😂👍🤣

[@Mr_Reset]

😂😂😂

[@stevenclarke5606]

Stay away from the windows

[@jorr1334]

Ruzzian announced loss of 7 billion is probably more like 10-14 billion. After all, ruzzia.

[@davidbrunsdon3245]

If the accountants were PWC I take your point.

[@UltraRealTrueJesus]

what people here to fail to understand is Russia still gets several billion every single day to fuel their warmachine from their natural resource stockpiles that the world is buying at bargin basement prices. sanctions don't mean much if your partners or peers ignore it..

[@philmarlowe101]

@@davidbrunsdon3245 any big 4 audit firm..

[@5anjuro]

The seeds of this disaster were planted some 10-15 years ago when Russia signed a very unfavourable contract with China, selling them the gas at below market prices and even below the cost. As Russia left the EU market in 2023, its profitability collapsed almost instantly.

[@carolwilliams8511]

Should not have invaded another country should they? Dumbest move ever.

[@SLOWLYdoesit1]

China is refusing to sign a new deal with Russia and putin is calling his latest offer “deal of the century”… ie China is screwing Russia😂

[@MrKakibuy]

@@SLOWLYdoesit1 thats what putin calls sovereignty.. fall on the knees and beg china

[@3-DtimeCosmology]

​@@carolwilliams8511 Always is.

[@RedJadeArt]

China is friends with Russia but probably not to friends to the extent that they’ll accept paying 7 billion more for gas to keep Gazprom afloat. Not while they have their own internal market problems and a property debt crisis too.

[@Svveet69]

Ukraine has been doing a good job taking out refineries. I hope they are able to keep up taking these facilities out. It wouldn't surprise me if they struggle to get refineries back online with all the sanctions placed on them.

[@vylbird8014]

Sanctions would be an inconvenience, but China has a thriving petrochemical industry as well, which means they must have means to supply equipment.

[@torehaaland6921]

It interesting to observe that maybe only 14 %of their refining capacity is knocked out. Still Russia has: Prohibited export of refined products Started import of refined products from Belarus. Told Kazakhstan to produce all the refined products they possibly can and send it to Russia. And that with only a fraction of Russia's own capacity down. It seems to me that continuing and intensifying attacks on russian refineries as much as possible, is something that should be given top priority. Soon, even storage tanks could be value targets.

[@matthewshaw3641]

Putin has also raised the taxes on everyone and that means less money to spend.

[@jacksonb6210]

Dann wird Geld gedruckt,wo ist das Problem 😅

[@MrVince8]

Excellent work!!

[@robertpatrick3350]

@@jacksonb6210russians need to buy wheelbarrows now, so that they can carry their roubles home.

[@jonlee2217]

@@robertpatrick3350 They'd be better off getting paid in potatoes. You can't eat printed money.

[@geoh7777]

putin's personal ambitions are destroying much more than gazprom, its owners, and the russians caught in the ripple effect throughout russian society. E.g. Ukraine and the European countries under threat of putin's aggression have reacted in ways having a negative effect on their economies.

[@MM-ji5je]

A really well-focused analysis of Gazprom. Well done, Joe.

[@hg6996]

I think it's worth to mention that at the beginning of the conflict when things started not to turn out as Vladolf Putler expected, he was quick to state in front of the state duma that the income from gas sales was not in danger. Apparently he was afraid of the reaction of some individuals if this would be the case. Well, it has become a reality now. Let's sit back and see what's coming next 😊

[@rachelc2227]

i saw him in bunker 24/7

[@Jay.Kellett]

Pass me the popcorn please.

[@hg6996]

@@Jay.Kellett 😂👍

[@ianstewart6021]

😂😂😂😂😂😂😂

[@raydunn2582]

1,000 laid-off Gazprom employees = 1,000 frontline troops.

[@EEX97623]

Gone in one day

[@cyruslupercal9493]

Desn't Gazprom have their own PMC?

[@dennisconstantine624]

Tons more mince meat.

[@macmcleod1188]

Going to be real hard for russia to maintain oil and gas expertise.

[@user-rm7ye8ct6p]

😲💩🤕☠️

[@Prometheus-Unbound]

Long term it will probably be worse than you think for Russia. You can't just open up and close gas and oilfields at will. Particularly older lower pressure fields may not restart after a closure or produce much lower flows due to structural changes caused by the closure. So a lot of the gas they would have exported may now stay in the ground for ever however many new eastern pipelines they build.

[@giovanni-ed7zq]

pipes freeze and crack as they found out in 1990 if wells shut down. took them 30 years to repair it with exxon mobile expertise.

[@icu17siberia]

without western expertise, they can't maintain those oilfields properly. More reliance on China to come.

[@tomasdale5306]

The loss is from weeks ago.... NOW MUST BE WORST AFTER DRONES

[@InnocentiusLacrimosa]

And if they get more LNG terminals online, Ukraine will just destroy those with drones. This is getting real expensive for russia.

[@rodman012003]

'And then things got worse'

[@Cynthia_5479]

Russia falling gradually.

[@pauloicto8252]

- and any recovery will be even slower without western support.

[@johnjourneyman]

Russia is winning, Gazprom is ok

[@OffensiveComment]

This is western propaganda. Russias economy is doing better then ever. Russians don’t afford to spend their money outside of Russia, thus they are forced to spend their money on local businesses. Don’t fall for western propaganda.

[@Knight766]

​@@johnjourneyman Cope

[@GNMbg]

@@johnjourneyman 7 billion dollars loss says they are not OK haha

[@b21raider27]

$29 billion profits in 2021. Now a huge loss and this will increase as Europe moves away from Russian energy.

[@cranberryeater7459]

👍 daily anti-Russia propaganda. Thanks Joe ☕️ Except Russian economy is frowning except to IMF and all Asian sources. Who is lying. Joe or IMF and second half of the world?

[@Jay.Kellett]

Invading other countries is not a wise decision.

[@cranberryeater7459]

@@Jay.Kellett i 100% agree. Ukraine should stop shelling civilians and invading Russian Federation in Donbas region.

[@AzovSS]

While Europe suffers an increase of 40% inflation for sanctioning natural gas import from Russia.

[@Mr_Reset]

@@cranberryeater7459Jay mentioned invading another country. Russia clearly invaded Ukraine

[@johnproton259]

How did I go bankrupt? Two ways - slowly and then suddenly...

[@bulldogstrut1]

Couldn't be happening to a more deserving nation. They are getting exactly what they asked for.

[@daffyduk77]

I don't think individual Russians deserve that much misfortune - I'm sure if they had a democratic means to prevent it, they would have. Just sad all round when people like Putin & Xi can destabilise & undermine the happiness, peace & security of billions

[@adequatedrainage6380]

Gazprom would seem to be the kind of soft target for Ukraine that pays it a kind of big dividend. Russian government dependence on oil & gas money would seem to affect their kleptocratic ambitions the most. Ukraine should consider Gazprom a very legitimate war target.

[@franceyneireland1633]

In 2014 Putin’s annexation of Crimea, was very much driven by undermining Ukraine’s energy and gas , as the Crimean peninsula was of strategic importance. It has vast offshore oil and gas resources in the Black Sea, estimated between 4-13 trillion cm of natural gas. The new illegal Crimean government has entrusted Gazprom to manage the peninsula’s energy resources. The Crimean branch of Naftohaz Ukrainy, Chornomor Naftohaz, has already been “nationalised” by Gazprom. It is also expected that Russia will claim large parts not just of Crimea’s, but also of Ukraine’s continental shelf and Exclusive Economic Zone (EEZ), which may seriously complicate the division of the Black Sea continental shelf. Ukraine is now concerned about losing one of the two largest shale gas fields (“Yuzivska field”) in the Donetsk and Kharkiv ‘oblasts’ or regions. Ukraine had held Europe’s third largest shale gas reserves.

[@3-DtimeCosmology]

The pipeline to China. "Modify" it in multiple locations at multiple times.

[@torehaaland6921]

​@@3-DtimeCosmologyproblem is that this could trigger china in a way not beneficial to Ukraine. But there are many other gas and oil pipes that doesn't go directly to China which could and should be modified.

[@zuricrqsatlz9145]

@@torehaaland6921 Modify the system at the source.

[@torehaaland6921]

@@zuricrqsatlz9145 usually you would be right. When it comes to airbases, missile launchers, drone posts, airbases, artillery. Arms and ammo factories. It is always best to destroy production and products and delivery means. And take it down as early in the process as possible. When it comes to gas and oilfields, it is a bit different. The source, will be many individual targets. Opposed to the pipelines that only need one blast to be out of business. Something that will force the source to close down. And some of those wells might be difficult, or next to impossible to restart. Going for the pipelines is what would give the best effect for the least input. Do that in winter, when demand is at its highest and likelihood for the well shutdowns to be truly difficult to reverse, would have the most impact.

[@nastygollum]

Joe I am so happy your channel is back up and at full strength. We're lucky to have people like yourself on KZbin, and in the world in general.

[@scarymonsterrs]

The gas station with an army is losing half it's shit 😂

[@michaelkenny8540]

Thats the claim made at the start of the war. Events have shown just how well a rabble of shovel-welding convicts reliant of washing-machine chips to guide their primitive missiles can do. The same primitive missiles that are destroying western super-duper Leopards, Abrams and Challengers and destroying the guidance system in the 'massively more advanced' NATO missiles. Also there is only one army advancing at the moment and it does not begin with a capital 'U'.

[@carolwilliams8511]

2nd most powerful army in the world lol 😂. Two years of full scale war and nothing achieved except the destruction of its own economy and the loss of nearly half a million men for a few square kilometres of another country...

[@michaelkenny8540]

@@carolwilliams8511 You must live in an alternate universe. Its Ukraine that has the wrecked economy and FORCING men into the Army. Ukraine has twice as many soldiers as Russia and is still losing. Some 20% of Ukraine is lost forever and more being taken every week. Try reading non-western newspapers from neutral countries and see how the war is being reported outside of your western bubble.

[@elmarmammadov5007]

38 % government and 62% private. That 62 % ‘s big chunk was collected by Putin. So, that is lost as well.

[@3-DtimeCosmology]

Palaces, super yachts, private jets and luxury helicopters are expensive!

[@Fubar2024]

Thank you for consistently giving good news! 💪💪🇺🇦💪💪💙💛💙💛🇨🇦

[@darrenrenfro54]

How can that little man still be walking around?! Thx Joe great reporting.

[@garypage1963]

Knowing russia the've lost alot more money than what they say.

[@ivan-Croatian]

Also, EU and USA must step up in enforcing those sanctions! If they did it in the first place, RF would be on their knees until now.

[@nielsjensen4185]

The issue is that sanctioning things you need that you can get nowhere else is cutting your nose off to spite your face. The current implementation is the best that can be done since we have no other alternative energy resources. Nuclear energy should never ever be pursued since the waste produced by that process is many times more dangerous than most of the waste we have today took several decades for that to tip the scale, nuclear waste can tip the scale in minutes. We lack alternative energy infrastructure because fossil fuel has been too easy to get, at least now in Europe the EU countries are getting the finger out on that front since they've finally learned that being energy dependent on someone who uses energy supply as international politics is bad. In the US it comes down to the Republican Party, and by extension, Conservative ideology being vehemently against it.

[@sharon_shaw]

Sweet seeing poots losing oil and gas revenues to sanctions and his enemies like the US now expanding sales to ruzzia's former EU customers.

[@leifiseland1218]

​@@nielsjensen4185Actually, that is not factually correct. It depends on what form of nuclear process you pursue..🧐 If we only look at light water & heavy water reactors, I'd agree with you, but there are other, as Copenhagen Atomics are working on for exemple... With those, things are VERY different..🧐

[@StandTallTx]

@@nielsjensen4185 Silver lining - Fusion is a proven concept and a game changer, but it'll be years before it's implemented on a large scale. We just need to not kill ourselves until then.

[@2greenify]

A country doesn't go on its kneees that fast. Also the EU and US are enforcing the sanctions better than anyone expected to could do. Very impressive.

[@leealan6416]

The longer Russia tries, the longer it will take for Russia realise that peace is the best option. If Russia said today, it will comply with World sanctions. Peace wins. But as we all know, corruption wins.

[@aviationismylife6814]

Sanctions won't be removed right away it would stay in place till Ukraine is fully repaired. Russia simply double down and going to continue till they destroyed themselves

[@Mikey374]

But nobody trusts Russia. So the Russia wanting peace option doesn’t exist. They need a change in mentality and that isn’t gonna happen .

[@leealan6416]

@@tikhonmosin4201Just wondering if you live in a Democracy. I am not American. Democarcies can say you are wrong about what you think. That makes you question the leaders. I suggest you start thinking and questioning who is really in charge.!!!! Name one country in the World thatt has non Democratic ideology where the strive for equality is more powerful. Best you stay quite.

[@slippingsnake]

@@tikhonmosin4201 Putin already ruined Russia, economy is completly dependend on China. Rusian Stability Fund will run out in 2 years, Inflation is chewing away. Elite-Groups will get in harsher Competition with each other, Private Sector will be cannabalized, the common people will be less happy. There will be no Revolution but a slow decay.

[@ChaulThe]

@@tikhonmosin4201 You are free to do so. Us neighboring countries are suffering from Russian ideals towards imperialism though, for the past 1000 years or so.

[@k66a865]

Thanks Joe, from Sweden 🇸🇪, only few minutes after release of video. Great job and interesting as always,keep up the good work and we do our best to keep the ruzzian trolls down.

[@quintvanblitterswijk6162]

Nice. Haven't forgotten their ad about Europeans having to eat their pets in the cold.

[@rmdomainer9042]

Maybe if they had spent less money on stupid ads that had nothing to do with their core business, they would be better off.

[@rpm9234]

I eat mine by the fireplace

[@quexalcoatl]

Just think, that was made to comfort Russian citizens. What a petty, cynical, and sadistic society.

[@rmdomainer9042]

@@rpm9234 You win the internet today.

[@2paulcoyle]

Going to be a lot of window falls.

[@bigman23DOTS]

The Germans should not forget how this company held them hostage….China certainly would not put up with that

[@Jay.Kellett]

Businesses around the world will be very wary of Russia for generations to come.

[@SusiesRepeat]

People years ago wondered why Germany put just about all their eggs in one basket energy wise.

[@fabp.2114]

If China doesn't fall itself and Russia starts to split up, they will simply take over the gas fields. Siberia will be one of the best climate zones of the future and has very fertile soil.

[@ulfosterberg9116]

The russian gas in Siberia will soon be Chinese gas in Siberia....

[@richardcloutier3159]

John McCain tried to warn germany... Angela would'nt listen

[@thomasvilhar7529]

The russian budget is around 350 billion dollars so 40billion is a lot.

[@busboy262]

Nobody will be moving on from natural gas anytime soon. Maybe not in this century. But many have moved on from Russia. Russia may soon find that this has become permanent. The ruble has a lot more room to slide downward. And if you're a talented and ambitious young person living in a country in economic and demographic decline, you're going to move out. This is how a once great nation circles the bowl.

[@hedleythorne]

Probably, though we now source our natural gas from the US and it is working. Power wise we have increased our renewables and safe nuclear. The countries that modernise will ultimately be the countries that thrive.

[@giovanni-ed7zq]

rouble is sliding because putin used up his reserve fund and put the russian budget in deficit. its means putin printin roubles for a good 6 months now to finance his war. that means his economy is on the clock already as inflation will do all the damage as it goes higher and his rouble weakens more.

[@John_13_35]

ruzzia was great?

[@TomTomicMic]

Europe does not have much of a choice, it needs new nuclear and wind and other renewables like solar (Which has a problem that it requires sun which Northern Europe doesn't have when it needs solar the most!), however the energy generation will be majorly carried out by wind and nuclear in Europe by 2035, Germany and Italy are the nuclear laggards but if they want energy independence they have to bite the bullet, Europe has the least carbon energy reserves and it surely has learned it's lesson of dependency!?!

[@seneca983]

"Nobody will be moving on from natural gas anytime soon." I'm pretty sure many people who have been heating their homes and firing their stoves and ovens with gas are going to switch to some alternative like electric or heat pumps.

[@mrcoffee70]

After Russia seized facilities that were partnerships with foreign corporations, I don't see a lot of new companies being willing to take that chance.

[@Jay.Kellett]

For a very long time too!

[@TheFrewah]

Indeed, sanctions will remain for decades and there will be no foreign investments

[@blitzroehre1807]

Listening to Joe explaining this reminds me of 1989 on the eve of the collapse of the East Germany.... Russia exhibiting similar economy issues now.

[@carolwilliams8511]

Oh goody goody. Thank you for that 😊

[@Marco-lu2hc]

Every action has an equal and opposite reaction. Slava Ukraine 🇺🇦🇦🇺

[@emillio_gonzales]

Your Ukraine will no longer exist. And let me remind you that this is the slogan of the Ukrainian nationalist party 😂

[@Molt.-ep7cu1]

7 billion dollar in loss. Great news.! Next goal 14 billion in loss 😂

[@emillio_gonzales]

Try to Remember How Much Money Gazprom Received in 2022 and Cry

[@penivelke]

​@emillio_gonzales was it net or gross.profit? Arethose savings gone?

[@Molt.-ep7cu1]

@@emillio_gonzales Those money have been spent a long time ago. 😉

[@MassimoCLI]

@@Molt.-ep7cu1 Yeah, those money served the "wise" russia government to spend in preparing the invasion and now to run full throttle building weapons, so you can account them for "0". Moreover they're not enough since government prints money from zero to cope for these expenses lowering to zero the welfare. Despite Elvira Nabiullina warning Putin not doing this, she was simply silenced not to influence last presidential election. Gazprom is tighed to government and viceversa, so if one falls can imagine what happens to the other ?

[@emillio_gonzales]

@@penivelke Russia will always find someone to sell gas to, but where to get it from is a more serious problem that Europe has not yet solved.

[@user-kb1ui4vj9y]

But Putin said sanctions have NO EFFECT 😆🤣

[@user-yn7ll3qz1p]

So did the IMF, they are a money laundering and wealth confiscation mechanism...

[@anzelmasmatutis2500]

Putin claimed that sanctions make Russia stronger. Need more sanctions :P

[@adamformby5090]

...and they don't .....Seriously are you people that naive and stupid

[@user-nd4ks8us2s]

😂🤣

[@user-yn7ll3qz1p]

so did the IMF and world bank...

[@alandean6930]

Putin couldn't care less for the ordinary Russian if the economy collapses. He and his cronies are not loosing their fortunes, or at least the mega rich.The majority of their families members live outside the Russian federation and enjoy the good life. 25:11

[@jamesdoe3713]

sounds like the US/UK too...

[@giovanni-ed7zq]

@@jamesdoe3713 difference is the usa has a 20 trillion dollar a year economic gdp. russian gdp before the war was 1.9 trillion and likely 900 billion and shrinking now. the americans also have a diversified economy while russians dont. russian economy also heavily sanctioned and russia cant get loans to bail them out like the west did for ussr/russia in 1990. without those western loans the ussr would have broken up into smaller countries.

[@carolwilliams8511]

UK is ok. Our domestic problems are mainly due to Brexit (stupid decision, so serves us right) and covid (nobody's fault except China's and the WHO).

[@zuricrqsatlz9145]

@@giovanni-ed7zq Maybe the breakup into smaller countries is going to happen now, or soon?

[@giovanni-ed7zq]

@@zuricrqsatlz9145 all you have to do is wait as putin prints more roubles to finance his war as he has a revenue deficit in his budget. just watch the rouble. the inflation numbers in russia may be fake but you cant cook the books on the value of the rouble as he prints more money it will continue to weaken. it will be like ussr, they will tell you all is fine, then suddenly one day, its bankrupt.

[@PFWoody488]

Nice to see that the sanctions are having an effect. The other oligarchs might eventually decide that Vladdy should get a special cup of tea, or exit through a window.

[@TheGruntski]

The Russian trolls are fuming.

[@carolwilliams8511]

Good. They are wasting kremlin money posting their 💩here and on any pro Ukraine channel. Ukraine is loved.

[@richardcory5024]

I think they are denying rather than fuming. They would like to fume but they have to deny the truth. Fuming would mean facing the truth.

[@asdasdasddgdgdfgdg]

​@@richardcory5024how do they even deny official Gazprom numbers? Are they saying that Gazprom is lying?

[@Truthseeker-iz3dj]

Ruble has actually strengthened on this news to 91, was slightly under 94 last week

[@InnocentiusLacrimosa]

​@@Truthseeker-iz3djmuah. Sanctions hitting just ONE company for around 40B USD and cascading effects on top. And putlerist trolls drivelling about ruble 🤪

[@johnproton259]

Putin : 7 billion is not so bad. Bankers: That's in Dollars, not Rubles. Putin: Someone bring me a fresh adult daiper!

[@andrewpease3688]

Putler is the wealthiest/biggest thief ever to live $7billion is not that much

[@peterrasmussen9336]

Maybe he can get one from Trump?

[@supertuscans9512]

It was poor old Joe who soiled himself when meeting the Pope at the Vatican. They were swinging the incense that day like there was a Hurricane blowing through the place.😂

[@verttikoo2052]

@@supertuscans9512Comrade Trumpsterfire does it every day and several times 🎉

[@supertuscans9512]

Well he obviously doesn’t because I see him on TV every day! He’s going to be the next POTUS and will win in a landslide.

[@davidhowse884]

I think there are further losses of gas exports coming, though not major in size. I believe that the gas pipeline running through Ukraine will cease to deliver gas to the EU countries which had been allowed to import still, as contracts run out in 2024 and are not being renewed, so in 2025 there will be a further loss of business.

[@giovanni-ed7zq]

thats a big problem considering 82 percent of russian gas went to eu by pipeline they cant sell to anyone else. 51 percent of russian energy gdp went to eu by pipeline

[@DominikGentener]

The Gazprom loss is a clear sign that Russia is in deep trouble.

[@InnocentiusLacrimosa]

Gazprom loss of profitability and all the cascading effects are at least similar size to the new US aid package to Ukraine. And that is just one company. Sanctions are showing their true power.

[@faithrada]

​@InnocentiusLacrimosa Putin's pathetic efforts to try and downplay the Sanctions just show how effective they actually are. Keep up the pressure FREE World.. until we are all free of this horrific ugly scourge.

[@bobwallace9753]

The market for natural gas is unlikely to rebuild. Renewables are now cheaper than gas.

[@paulietv2162]

Can you please define 'deep trouble'?

[@bobwallace9753]

@@paulietv2162 Let's try this. If you lose your job and don't have a lot of prospects to get another then you are in deep trouble. Russia's income has largely been from oil and natural gas sales to other countries. Russia is losing that income.

[@timmommens901]

Burn Oil refineries 😑😊🔥🔥🔥 "pas de bras pas de chocolat": Les Intouchables. No money no war. 🇺🇦🇺🇦🇺🇦✌🇺🇦🇺🇦🇺🇦 RF internal cascade effect.

[@Goe007]

Western Media Propaganda: Russia Economy is doing great "Sanctions do not work" !

[@51madmitch]

💪🇺🇦🇺🇦💪

[@vikinnorway6725]

Germany stopping using their nuclear power was the biggest mistake in decades. They should get them back up

[@tomjensen618]

Germans unlike you, had a close call with Chernobyl. Not going to happen.

[@erikburzinski8248]

Agreed and the political parties that got them to stop were primarily funded by russia

[@WayneTheSeine]

One thing this war has proven is, going full green is a fool's errand.

[@peterwilson9327]

Germany is bulldozing down wind and solar projects (which don't work in German winters anyway) in order to plow up the coal seams beneath them for fuel. 😅😅😅😅😅😅😅😅😅😅😅😅😅😅😅😅😅😅😅 😅😅😅 Fourth Reich stuff here😮

[@verttikoo2052]

The opposite is true. Germany can be energy independent so the Green Transition is needed. Germany is already over 50% Green and it is speeding up.

[@roberthofmannjr.7089]

Question is what happens to the gas that they were producing and now not selling. At some point, which may have been reached, is to shut in the wells. Those wells along with oil wells are around the Artic Circle. When they are shut in for a period of times they end up with water back fill and when the water freezes it breaks the pipes and makes those wells useless. It happen sometime prior to 2000 and it took them years, with the help of western technology, to redrill and restart. During that same period they were basically bankrupt. To raise money they sold stockpiles of metals like nickel, copper etc. Eventually those stores will give out. So that money will also dry up.

[@Jay.Kellett]

Everything is going according to plan.

[@3-DtimeCosmology]

Ukraine doesn't even have to win on the battlefield. It just has to hold out till the collapse of the Empire.

[@MagMar-kv9ne]

I would even guess the loss is even HIGHER. Perhaps double the amount, but they been forced to fake it downwards.

[@TheFrewah]

I think so too. Some numbers may be sensitive and putin may have ”sugggested ” something more appropriate.

[@AngusAbbott-qf8xm]

Is this collapse revenge for the horrible “Europe freezes” and the “hamster” adverts? 🇺🇦🇬🇧

[@Paerigos]

Well in terms of Europe it has indeed been horrible... I myself have issued cuts to my energy uses and started eating more tartare over cooked or baked food. The horror!

[@Goe007]

Western Media Propaganda: Russia Economy is doing great "Sanctions do not work" !

[@trevorroberts9584]

I myself have had to cut my consumption of Beef Stroganov (Russian) and increase my consumption of Chicken Kiev. It has been hard.

[@thegreatdane3627]

the hamster video was hilarious 😄

[@andrewmcalister3462]

​@@thegreatdane3627I am ashamed to admit I also found the hamster video pretty funny.

[@JustVisiting]

Someone is going to accidentally fall out a window.

[@stevenclarke5606]

And others will mysteriously fall down stairs

[@hgv1883]

Gazprom if you have a problem take it up with putin

[@johnvannisselroy6197]

@@tom7o18 Tom, the Hunter Biden thing is a red herring.

[@michaelsmith7425]

I wonder how soon we will see Gazprom executives and management falling out of windows?

[@tedfieffer5784]

It should already be clear to everyone that war is terrible not just from human perspective but from the economic point of view. This just supports that theory. No one in Russia can see this or are not allowed to see this or say anything about it.

[@myjotv6448]

*Moscow - Kremlin-owned gas giant Gazprom plunged to a net loss of 629 billion rubles ($6.9 billion) in 2023, its first annual loss in more than 20 years, as sales to Europe plummeted in the wake of Russia's war in Ukraine.* The Kremlin will take it up with itself?

[@hillwalker8741]

usually it takes something like this - the privileged feeling discomfort - to start the ball rolling for change

[@Nobleheart111]

Now make it 70 billion.

[@thomasprogli3372]

Well I would claim that the effect are 70b because this company will need to fire a LOT of employees and cancel a LOT of subcontracts. The people in Russia will be poorer meaning they will have to sell the gas to them eben more cheaper. A vicious cycle.

[@jamesdoe3713]

that would be your tax dollar price going to the military industrial complex....

[@WayneTheSeine]

@@jamesdoe3713 Money well spent.

[@alexguest9937]

I have been torn in who to believe; those that say that Russia is doing better than ever, or at least 'coping remarkably well' despite the war (see "inside BRICS" KZbin channel), and those who say that the Russian economy is tanking, but the effects are yet to be seen in the Russian economy. With this news, it becomes effectively factually incorrect to say that Russia is coping well. Okay the economy 'is growing' but that (as you say) is because Putin is pumping huge amounts of government savings into arms production. As all your great analysis proves, all the loss of petrochemical dollars WILL CRIPPLE RUSSIA. But when....? Fabulous news.

[@juhajuntunen7866]

Think, how long you can drive your car without service? Maybe couple years until it do not work anymore. Same is happening to russian industry and economy, sanctions do it slowly.

[@bassbuffricky]

@@juhajuntunen7866 Excellent comparison!

[@BenJ2020]

Look at history, when a country is at war the economy always grows the real pain starts when its over

[@giovanni-ed7zq]

@alexguest well the russian government is hiding economic data and cooking their financial books. so we know what russian government says. but we also see putin used up his reserve fund and put the russian budget into deficit. that tells you there is a cash flow problem. not enough revenue coming in to cover the expensive war and cover the operating expenses of running russia. what we saw was the russian rouble weaken for a good 6 months at least and lose half its value in a short time. that tells you putin was printing roubles to finance his war in ukraine with his cash flow problem. thats gonna lead to high inflation in russia which is likely around 20 percent at least, and as putin continues to print money as the war gets more expensive with more military aid, well high inflation turns into out of control hyperinflation and kaput. its what happened to the ussr in 1990, inflation made them go kaput with the ussr spending 38 percent of their budget on war in afghanistan in the 1980's. and yes they were cooking their books also, and its why it happened so suddenly in 1990 the ussr ceased to exist. also look at it this way, russia lost 51 percent of their energy gdp to europe by pipeline. there is no way they made up that volume in trade or revenue with a small number of ships to india and china.

[@zesky6654]

GDP oretty much always grows during war and after disasters. This is because a lot of money is moving around fixing stuff. This will only go as long as there are reserves to burn.

[@advancetotabletop5328]

And don‘t forget that China’s “no limits” parternship has been pretty darn limited! China knows how dependent their exports are on the West and, afraid of sanctions, China has done little for Russia (whom they historically hate, anyway…!).

[@lynatbtomega]

Building a gas pipeline to India looks like pie in the sky. Apart from it having to go through multiple countries there’s an awful large mountain range in the way.

[@divumque]

Ruzzia is falling gradually and then suddenly

[@katiehettinger7857]

I agree. Thinking about the collapse of the Soviet Union, which appeared from the outside to happen over night.

[@kevinpratt-ge5ye]

Great show. Love your in-depth reporting! 😊

[@gerryphilly53]

Also the fact that the Russian Government held close to 40% of the shares means that the lack of a dividend payout creates a giant hole in the Russian Government’s income and reserves as well.

[@thelexkex]

this is only beginning

[@cynthiagarnham1157]

Also , it is important to know, that all this gas needs to be pumped. The technology doing this, is mostly foreign made. As time goes on these ' pumps' will cease to function( lack of maintenance ect). Can only get worse, in the long run!

[@ettoreatalan8303]

Fortunately for Putin, he has already exceeded the life expectancy for Russian men of his birth year. The long-term consequences of his warmongering will be borne by his successors.

[@vylbird8014]

It'll mean switching suppliers, but I imagine China can help there. They can make pumps.

[@281992pdr]

This is a great posting Joe. Clear and succinct. Thank you.

[@jasonharryphotog]

Gazprom had large reserves, they seem to be disappearing very fast recently which is great news

[@doubleslit9513]

First; how shocking is it that Gasprom even reported this loss? Seems to be they could have just lied.

[@icu17siberia]

tells you the loss is probably much, much worse.

[@doubleslit9513]

@@icu17siberia I’d stay away from rooftops and open windows if I were the financial analyst who reported this loss.

[@michaelsmith7425]

But would eventually be found out as Gazprom laid off workers. Who then reported loss of jobs, facilities closing down or slowing down. he truth eventually comes out even if very slowly from russia. We have seen photos and videos of ruzzian bombs actually falling on Belgorod itself. The cascading hot water in the streets of other cities from broken undermaintained infrastructure. . It leaks out eventually.

[@terryfox9344]

Joe, thanks for bringing us the good news about Gazprom. I don't feel sorry for their workers as I hear that Russia has plenty openings to start new careers in Ukraine. Putin the beneficent will even give them a bonus to get started!

[@shannonnewman3091]

Ladies and Gentlemen.......... This is awesome!

[@JohnSnow-vf8jo]

Great Carma news, thanks.

[@ticnatz]

Russkiy Mir....what a joke !!!

[@user-ck4kq8tw3x]

Westerners support so called ukranian world...Thats so funny because ukranian World is 90% russian..

[@carolwilliams8511]

Yes. What sane person would choose to live in that system?? 😂🤡

[@EEX97623]

Russiky Nightmir

[@anthonyhulse1248]

@@wieneralbert8901what are Ruzzian troops when they r@pe male prisoners, and children of either sex?

[@FlyingSofa28]

​@wieneralbert8901 I'd rather look fabulous and carry a minigun than look drunk and wield a shovel.

[@dsnow411]

Russia falling gradually

[@JackHawkinswrites]

Going bankrupt, slowly at first, then all at once.

[@JohnSmith-ve7it]

Russia is going to do far better than the United States or Europe. Inflation is about to bankrupt the west. Russia will win

[@stream2watch]

@@JohnSmith-ve7it "Inflation is about to bankrupt the west" Yet Russian inflation is at 8%. About 2.5 times worse than most of the west.

[@rmdomainer9042]

@@JohnSmith-ve7it RU inflation = 8%

[@sirgaz8699]

@@JackHawkinswrites I figured they would last 5 years. Then again I knew they were a paper tiger and thought they wouldn't start a war so what do I know.

[@alanmcmillan6969]

Thank you, Joe Blogs!

[@-TheOracle-]

Showing a loss of 7 billion means more like 10 billion or more.

[@giovanni-ed7zq]

probably more than that, 82 percent of russian gas went to eu by pipeline that they cant sell to anyone else cuz they dont have the infrastructure. they just burning it so they dont have to cap the wells cuz the pipes will freeze and crack in winter.

[@TomTomicMic]

.....or more, but they still might pay a dividend or some such scheme, Putin has total greed in his eyes at present!?!

[@TheFrewah]

I think so too. I think they have been ”creative” when they reported. Maybe putin doesn’t allow certain numbers and then suggests new numbers

[@philmakerz]

Great work. Keep it up Joe! 👍

[@KianFloppa]

Slava Ukraini!

[@hughbarr8408]

Piss off.

[@hedleythorne]

Where have all the russbots gone? The front line?

[@rmdomainer9042]

They just want to post one time. If they have to do follow-ups it becomes too obvious that their actual language is Hinglish or Swalish.

[@hedleythorne]

@@rmdomainer9042 they always post sub comments and not top. Level comments. If they are factually incorrect I report them for review.

[@rmdomainer9042]

@@hedleythorne Me too. Unfortunately Gmail lets them create new. I find it amazing that so many bots are hacked middle aged men with creation year 2013.

[@TheFrewah]

They are women these days, the ”inside russia” channel showed a short video from a troll farm

[@TheFrewah]

@@hedleythorneyes, and there’s almost always a like. If you use the app and click on their names you find that some accounts seem to be created recently.

[@daveslater]

Great show, good news!

[@niknoks7638]

Well this is great news! 👏

[@user-pj9qz6mc2w]

Vodka sales won’t be hurt.

[@juhajuntunen7866]

But to quality, yes.

[@jamesdoe3713]

how's the drug problem in oour countries???

[@trashtrashisfree]

Russia's biggest company in free fall.

[@BrianSPratt-Author]

Great insight, Joe! Never miss your posts. Good to hear the sanctions are putting the hurt to them.

[@Beneficiis]

but but... muh GDP! Russia stronk! ect ect. There are no free lunches. You can't just magically lose your entire customer base, conduct full scale war and mass spawn/purchase weapons to fuel that war and be BETTER off. You would expect that to be a logical assumption - however in alternative infosphere that doesn't seem to be obvious.

[@quexalcoatl]

Pure copium. They already live in a total fiction, whats one more comfortable lie?

[@heraklesnothercules.]

*etc, not ect. It's an abbreviation of the Latin "et cetera", meaning "and what follows". 🙂

[@shaunfarrell3834]

@@heraklesnothercules. He wasn’t writing etc, it was ect, ect which is the orcs choking on their own lies! 😀

[@3-DtimeCosmology]

Turnip winter.

[@heraklesnothercules.]

@@shaunfarrell3834 😆

[@RReese08]

Thanks again for the excellent video. Considering the level of pain that Gazprom, the Russian oil industry and the country’s other energy industries are currently experiencing, how much will that discomfort increase as the war in Ukraine continues. Not in terms of sanctions, but an expansion by Ukraine and local partisan groups of attacks on, and destruction of, the many refineries; processing, storage and distribution facilities that are deep within the heart of the country in places such as Siberia. Infrastructure such as The Power of Siberia natural gas pipeline is safe now - but how vulnerable is it to attack or other man-made disruptions that would affect or incur long-term stoppage of natural gas to China. I’m no expert, but it seems to me that a major impact would nearly gut Gazprom and put more hurt on the Russian economy. That plus Moscow’s ability to maintain control of its domestic survival while trying to continue its aggression in Ukraine. That would obviously make things just worse for Moscow. I’m just guessing, but to me, the only way this could be averted is if Beijing sees the proverbial writing on the wall and makes a deal with Kyiv to save itself. So much for China’s relationship with Russia if such a thing happens. I know this scenario is just stupid stupid, improbable speculation, but so many improbables have happened the past two years, I think anything is possible. Sorry for the rant. Keep up the good work. 🙂

[@taymot2131]

Highly interesting video (and topic) - thanks a lot, Joe! 👌😍👏

[@janhanchenmichelsen2627]

Time to check out the hamster reserves, Russia.

[@peterjarmesty1884]

They have big bears like twin advert. A little harder to eat!

[@janhanchenmichelsen2627]

@@peterjarmesty1884 Well, they sell bear meat at Helsinki airport’s souvenir deli.

[@peterjarmesty1884]

@@janhanchenmichelsen2627 win win

[@hardtackbeans9790]

I wonder how much the loss would be if the real numbers were known?

[@giovanni-ed7zq]

its probably alot higher, 82 percent of russian gas went to eu by pipeline that they cant sell to anyone else. 51 percent of russian energy gdp was to eu by pipeline that a small number of ships to china and india cant make up in meaningful volume. transport by pipeline is 2 days max, ships can be a month or more.

[@jameslewis1605]

You go Vlad! You crazy Russian!

[@3-DtimeCosmology]

He had it soooooo good! What an idiot! LoL 😂

[@charlesnone4628]

better get used to negative numbers.

[@oeokosko]

At least Gazprom has saved by no longer sponsoring the Champions League.😂😂😂

[@TiddlesTheBearBaiter]

Thanks as always for your coverage

[@mevcarter6664]

Brilliant as always 👍

[@tommorgan1291]

Joe, I feel your the only commentator I trust and I learn a lot from. Thank you!

[@carolwilliams8511]

Only channel worth listening to on the economy.

[@dlarsen54162]

Love the blogs, always look forward to them. Thanks

[@michelleagnew8780]

I love how clearly stated the facts are in your videos. Your graphs are easy to read and your explanations give a good insight into what is really happening. I choose your channel to help me understand better what’s happening in the global economy. Thank you for your hard work putting all these videos together.

[@GerbenWulff]

I'd love to see the balance sheet of this company. That superdividend in 2022 must have severely affected its balance sheet. Now they are making losses. i wouldn't be surprised if this money-making machine would go bankrupt.

[@TheShadowOfZama]

Doesn't help that the discounts they're having to give to China, India and so on aren't being taken in consideration when determining their taxes either.

[@zenastronomy]

it wasn't a super dividend. the share price had collapsed. which didn't affect the company at all. as it's a secondary market. same dividend at a collapsed share price looks larger as a percentage. also who do you think are those foreign owners making up 30-40% of the ownership? they are western government leaders and western oligarchs etc.

[@BenJ2020]

I see Russian sympathisers saying the Russian economy hasn't collapsed, well that's because its a war time economy it's when it stops does the real pain start

[@giovanni-ed7zq]

not really, most russians dont realize putin used up his reserve fund and put the russian budget in deficit. putin has been printing roubles for a good 6 months the way it has weakened. everyone knows that the rouble is in low demand and printing roubles to finance his war is gonna have disastrous effects on his economy through rising inflation. and the only solution putin has he wont do which is to cut expenses mainly the war. so war time economy wont matter with putin printing roubles to finance his war. hyperinflation will bring russia back to a 1990 ussr moment. inflation is why the ussr went kaput. ussr was spending 38 percent of their budget on the war and military in the 1980's in afghanistan. russia is spending so far 25 percent of its budget on the war. we all know what happened to the ussr, they ceased to exist in 1990. its only because of western loans russia didnt break apart into smaller countries, and russia cant get loans anymore.

[@maritaschweizer1117]

Gazprom is not in the diesel and benzin busines. They only sell gas. The gas comes directly out of the ground and does not need refineries.

[@olafseglem3366]

the gas probably has to pass thru a separator to get out all the liquids. @@maritaschweizer1117

[@ettoreatalan8303]

@@maritaschweizer1117 Gazprom also has its own mercenary group.

[@maritaschweizer1117]

​@ettoreatalan8303 the question is how will pay Gazprom its mercanary group?

[@chipsatterly4902]

"You can ignore reality, but you can't IGNORE the CONSEQUENCES of ignoring reality."

[@tomhefner6344]

Well said............👍👍👍👍....😎

[@paulcoverdale8312]

It’s workin.❤

[@rogerjohnson8707]

Where will the money come from for the new army Gazprom has been ordered to create?

[@giovanni-ed7zq]

ever hear about the trillion dollar russian military modernization putin bragged about that got politicians european villas and billion dollar yachts and the russian soldier getting chinese golf carts and the ww2 t-55 as the frontline battle tank?

[@daviddenny4092]

A really insightful episode, thanks. I would interested in getting more of a sense of the scale of downstream/multiplier losses. Even allowing for the positive downstream benefits of increased war production, there has to be a major economic shock in particular regions that are Gazprom 'company towns'.

[@bodieboyb]

Thanks joe!

[@Mr_Reset]

I wonder how patient the Oligarchs will be once this becomes the norm

[@eileenoconnor391]

Thanks a million Joe. Cheery stuff :)

[@alexsie3012]

I love your greeting. It’s always so cheerful.