Why did Gazprom's first-half profit fall by 12% year-on-year despite a strong second-quarter performance?

Gazprom's first-half profit fell by 12% year-on-year to 864 billion roubles ($10 billion) primarily due to the impact of a stronger rouble, which reduced the rouble value of its internationally denominated sales; although second-quarter profit surged over 60% to 518.6 billion roubles—driven by higher oil and gas prices—the first-half decline reflects the currency effect outweighing operational gains in the earlier period.

What is Gazprom's current strategic pivot following its loss of European markets?

After losing most of its European customers since Russia's 2022 war on Ukraine—which deepened economic and political rifts with the West—Gazprom has pivoted toward increasing domestic supplies and expanding exports to China, expecting this shift to drive 6%–7% growth in core earnings for the year.

Russia's Gazprom posts 12% fall in first-half profit

Aug 28, 2026

Gazprom reported a 12% drop in first-half profit to 864 billion roubles due to currency strength, while second-quarter earnings surged 60% on higher oil and gas prices despite losing most European customers since the Ukraine conflict.

reuters

2026-06-26

Russia's Gazprom Forecasts Core Profit to Rise 6-7% in 2026

2026-08-28

Russia's Gazprom posts 12% fall in first-half profit

2026-09-14

Gazprom Halts Russian Natural Gas Exports to Armenia for 10-Day Repair Work

Russia's Gazprom posts 12% fall in first-half profit

FAQ