Russian energy giant Gazprom today announced plans to sell a number of hotels and resorts after posting an annual loss for the first time in twenty-five years.

The Kremlin-controlled company, which has the world’s largest natural gas reserves, posted a net loss of nearly $7 billion for 2023 after sales in lucrative European markets plummeted due to Russia’s rift with the West over Ukraine.

Gazprom announced today that it has put 14 hotels and resorts up for sale, including the Marriott Tsaghkadzor Hotel located in the Valley of Flowers in Armenia.

In May, it also announced the sale of several hotels, including the Imperial Park Hotel & SPA in the Moscow region, following its decision to move its headquarters from Moscow to the Lakhta Center business complex in St. Petersburg in 2021.

The sales are unlikely to significantly offset Gazprom’s losses. Vedomosti newspaper valued the Imperial Hotel at around $69.5 million.

Gazprom is bracing for the possible loss of most of the European gas market as the agreement with Ukraine to transit Russian gas to the European Union is set to expire at the end of this year. Ukraine has repeatedly stated that it is not willing to negotiate an extension of the agreement with Moscow.