Gazprom?s financial stability and geopolitical challenges (2008-2023): LNG expansion as a strategic response

Maroua Lahmar and Ibtissem Belkhadem

ECONOMICS AND POLICY OF ENERGY AND THE ENVIRONMENT, 2025, vol. 2025/1, issue 1, 125-146

Abstract: This paper examines Gazprom?s financial health (2008-2023) using Altman?s Z-score model, analyzing key financial ratios and their relation to Russian natural gas exports amidst geopolitical upheavals. The findings reveal significant volatility in financial performance, particularly during the financial crisis of 2008 and the Russian-Ukrainian conflicts, highlighting the strain on Gazprom?s financial position. Despite maintaining a strong overall financial standing, recent declines indicate vulnerabilities linked to reduced pipeline exports to Europe. The study emphasizes the potential of LNG exports as a strategic response, enabling Gazprom to reduce dependency on limited suppliers, adapt to market changes, and ensure long-term financial stability.

JEL-codes: Q40 Q41 Q48 (search for similar items in EconPapers)
Date: 2025
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