Published by Global Banking & Finance Review®
Posted on June 30, 2025
2 min readLast updated: January 23, 2026
Add as preferred source on GoogleRussia may offer tax relief to Gazprom, offset by higher taxes on other producers, as it shifts focus to Asian markets.
MOSCOW (Reuters) -Russia's government has been considering some tax relief for energy giant Gazprom, offset by potentially higher taxes on other gas producers, a government source said on Monday.
Novatek and Rosneft are also large gas producers in Russia.
Moscow has to balance the need to boost military spending amid the conflict in Ukraine with tackling a rising budget deficit and providing sufficient support to Gazprom, which saw its lucrative sales to Europe collapse.
Gazprom incurred losses of almost $7 billion in 2023, its first annual loss in more than 20 years, as much of Europe shunned its gas in protest over Russia's actions in Ukraine, and while the company earned $14.8 billion in 2024, it still paid no dividend.
The company is now focused on boosting gas exports to Asia, especially to China, as a part of Moscow's pivot to the East.
Interfax news agency first reported the government's possible plans to ease the tax burden on Gazprom, in line with President Vladimir Putin's order.
It said, citing unidentified sources, that if lower taxes for Gazprom were introduced, the budget may be compensated by "appropriating" some profit generated by other gas producers.
The source who spoke to Reuters confirmed there were such deliberations within the government, but there has been no decision yet. The government has already eased mineral extraction tax for Gazprom this year.
($1 = 78.5000 roubles)
(Reporting by Darya Korsunskaya. Writing by Vladimir Soldatkin. Editing by Guy Faulconbridge and Mark Potter)
The Russian government is considering tax relief for Gazprom, which may be offset by higher taxes on other gas producers.
Gazprom incurred losses of almost $7 billion in 2023, marking its first annual loss in over 20 years due to reduced demand from Europe.
Gazprom is focusing on boosting gas exports to Asia, particularly to China, as part of Moscow's pivot to the East.
The conflict in Ukraine has led to many European countries shunning Gazprom's gas, significantly impacting its sales and financial performance.
Interfax reported that the government is considering easing the tax burden on Gazprom, potentially compensating the budget by appropriating profits from other gas producers.
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