The Russian giant Gazprom expects this year a nearly 40% drop in profit before taxes, interest, depreciation and amortization (EBITDA) compared to 2022, reports Reuters.

The Russian giant said it would report EBITDA of around 2.2 trillion rubles ($24.3 billion) in 2023, compared to 3.6 trillion rubles in 2022.

Results include gas, oil and power generation businesses.

Like many Russian companies, Gazprom no longer publishes full results since Russia invaded Ukraine and the West imposed sanctions on Moscow, according to Agerpres.

Gazprom’s gas exports, a major source of revenue, were not directly sanctioned, but export volumes almost halved last year to 101 billion cubic meters (bcm) following a sharp drop in sales to Europe, previously the main its market.

Also, Gazprom’s Board of Directors approved an investment program for 2024 worth 1,570 billion rubles, in line with the plans presented in November.

Gazprom is one of the biggest contributors to the Russian budget.