Russia's Gazprom declared a profit in the first quarter of 2026; however, this improvement is formal in nature and does not reflect the company's actual state. Core indicators remain weak, and dependence on the domestic market is growing. This was reported by the Foreign Intelligence Service (SZR), according to UNN.
Details
According to intelligence data, the company posted a net profit of 147.5 billion rubles, compared to a loss of 18.1 billion rubles a year earlier. At the same time, this growth is not related to improvements in operational activities.
The key factor was a sharp reduction in other expenses—from 626.8 billion rubles to 177.4 billion. These items include exchange rate losses and asset revaluations, meaning the financial result depends on accounting adjustments,
Stagnation of Key Indicators
Despite the formal profit, core financial indicators remain almost unchanged. This indicates a lack of real business growth.
The company's revenue remained virtually unchanged—1.79 trillion rubles compared to 1.80 trillion a year earlier. The cost of sales also decreased insignificantly.
This points to stagnant demand and a lack of increased efficiency,
Dependence on the Domestic Market
It is specifically noted that the improvement in financial results was partially achieved through tariff hikes for Russians.
In 2025, gas prices rose by nearly 15%, and further increases are expected in the coming years.
In effect, Gazprom's financial indicators are improving at the expense of the domestic market, i.e., the population,
Export Problems and Sanctions Pressure
Another negative factor remains export restrictions. Despite some growth in supplies via TurkStream, overall dependence on the European market is decreasing.
This is occurring against the backdrop of sanctions and new restrictions.
The SZR recalls that as early as June 2026, the EU is introducing a ban on the import of Russian pipeline gas under short-term contracts, and from 2027—under long-term contracts as well.
This means a further reduction in foreign currency inflows for the Russian Federation,
Thus, despite the formal growth in profit, Gazprom faces deepening systemic problems that could significantly impact its financial stability in the near term.
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