Gazprom, the Russian gas giant, is facing a crisis after reporting its first loss in over 20 years. This loss is primarily due to a dramatic decline in export revenues following the war in Ukraine. Despite a partial recovery in the first half of 2024, the company’s financial situation remains concerning. Gazprom has been forced to raise domestic gas prices and is encountering strong competition from other domestic players like Rosneft and Novatek. With reduced influence in international markets and an increasing reliance on government support, questions are being raised about Gazprom's future role and potential restructuring.