Rosneft’s net profit fell by 73%
1.04.2026 - 14:30
Russia’s largest oil producer said its net profit for 2025 fell 73% to 293 billion rubles ($3.6 billion).
High interest rates, high corporate income taxes and one-off factors are cited as reasons, Reuters reported.
Rosneft CEO Igor Sechin, a longtime ally of President Vladimir Putin, also said that Russia’s oil industry had been caught in a “perfect storm” of negative geopolitical factors and difficult domestic macroeconomic conditions last year.
The United States imposed sanctions on Rosneft and Russia’s second-largest oil producer Lukoil in October 2025. Sechin said that this year’s high oil prices, fueled by the conflict in the Middle East, were largely offset by rising freight rates, insurance and other rising costs.
According to LSEG, Brent crude futures for next-month delivery reached a record monthly increase of 64% in March. The US benchmark West Texas Intermediate rose by about 52% in the month, the biggest jump since May 2020.
Rosneft CEO said that in March, freight rates for transporting Russian oil to India from Baltic ports exceeded $20/barrel, which is 10 times higher than the cost of delivering oil from Russia to Europe in early 2022.
USM previously reported that the revenue of Russia’s Sovcomflot fell by almost 30% year-on-year.
