As the year draws to a close, earnings from Russia’s most valuable company, Gazprom PJSC, are forecast to fall nearly 40% from 2022 levels to around $24.3 billion.

State-owned Gazprom, also the country’s top natural gas producer, recently disclosed its earnings have continued to fall as it navigates the fallout of Western sanctions, lower global gas prices and the halt of most of its pipeline exports to Europe after last year’s invasion of Ukraine.

During the first half of the year, Gazprom’s net income fell to $3.1 billion, the lowest level since the Covid-19 pandemic surged in 2020. The exact decline in the company’s earnings is still unclear, as Gazprom hasn’t disclosed a full earnings report since last February. The company’s earnings were inflated by record...