Gazprom plans to sell its luxury offices due to financial difficulties – Reuters

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The company also planned a large staff reduction.

Gazprom is considering putting up for sale the company's Italian palazzo-style building in the center of St. Petersburg and a number of other luxury real estate properties to save money and compensate for part of the losses Gazprom will suffer due to the introduction of anti-Russian sanctions, Reuters writes, citing company management.

The agency notes that the luxurious offices have become a symbol of Gazprom's rapid decline, caused by the almost complete loss of European markets.

Also, the once most successful division of Gazprom Export has reduced its staff from 600 to a few dozen in recent years. The latter's work is mainly focused on litigation with former EU buyers, as sales have almost stopped.

Reuters, citing current and former employees, notes that Gazprom's problems now extend far beyond its export division. Two sources said that CEO Alexei Miller has approved plans to cut 1500 jobs at the parent company's headquarters in Russia.

The layoffs at Gazprom headquarters have not yet been announced, but employees have been asked to prepare individual presentations on why they should keep their jobs, according to one of the sources, who said employees have been told to write job descriptions for any overlaps. The process is expected to be completed in the coming weeks. The cuts represent about 40% of the staff at Gazprom headquarters.

According to one of the company's executives, inside the corporation they thought that Europe would quickly return, "begging" for the resumption of Russian gas supplies.

The agency recalls that last year Gazprom announced a net loss of $7 billion for 2023. In the first 9 months of 2024, the latest period for which data is available, it recorded another loss.

As of mid-December, Gazprom's share price had fallen to its lowest since January 2009, down more than a third since the beginning of 2024.