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Gazprom's dominance has sharply declined due to Europe’s move away from Russian gas following the Ukraine war, resulting in a $7 billion loss in 2023. The company is considering selling luxury assets and cutting up to 40% of its staff. Gazprom miscalculated Europe's resolve and the speed at which the U.S. replaced Russian gas. Its market share in the EU has dropped from over 35% to just 7%. Although Gazprom is exploring opportunities in China, challenges like limited pipeline capacity and stalled projects, such as Power of Siberia 2, hinder its recovery. U.S. sanctions further complicate its future.
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