Starting July 1, 2024, Russia raised domestic gas prices by 11.2%. This hike is aimed at increasing revenues in the Russian domestic market in response to the loss of gas exports to Europe, citing the UK Ministry of Defense on X. According to the briefing, the loss of the EU market resulted from sanctions against Russia for its invasion of Ukraine, as well as Russia’s deliberate reduction of gas supplies to Europe in response. In 2023, Gazprom’s net annual loss amounted to approximately $6.9 billion, marking its largest annual loss in 25 years. Gazprom, one of Russia’s state-owned energy compa…