The Russian gas monopoly has suffered the most from international sanctions imposed after Russia's full-scale invasion.
Due to multi-billion dollar losses caused by Europe's refusal to buy Russian gas, Gazprom is considering putting the company's Italian palazzo-style export division building in St. Petersburg up for sale. The Russian gas monopoly is also planning to sell a number of other luxury company properties and is preparing mass layoffs.
Reuters reports this, citing the company's management and its own sources.
The agency notes that Gazprom has suffered the most from international sanctions imposed after Russia's full-scale invasion of Ukraine three years ago.
Last year, the company reported a net loss of $7 billion for 2023. It also posted a loss for the first nine months of 2024, the latest period for which data is available.
As of mid-December 2024, Gazprom's share price fell to its lowest since January 2009.
The company's market capitalization is now about $46 billion, down significantly from its all-time high of $330.9 billion in 2007.
Once Gazprom's most successful export arm, its 600-strong workforce has been reduced to just a few dozen in recent years as sales have ground to a halt.
The CEO of the Russian gas monopoly, Alexey Miller, has approved plans to cut 1,500 jobs at the company's head office.
Recall that earlier the Russian state energy corporation Gazprom admitted that it was considering the possibility of cutting the staff of its central office by 40 percent. They are concerned about the long-term consequences of the war in Ukraine and the reduction of Russian gas exports to Europe.