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Russia's largest oil company Rosneft reports 73% drop in net profit in 2025
Russia's largest oil producer Rosneft has reported that its net profit in 2025 fell by 73% to US$3.6 billion due to high interest rates, increased profit tax and sanctions.
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Russia's largest oil producer Rosneft has reported that its net profit in 2025 fell by 73% to US$3.6 billion due to high interest rates, increased profit tax and sanctions.
Source: Reuters
Details: Rosneft CEO Igor Sechin, a long-time ally of Russian ruler Vladimir Putin, also said Russia's oil industry was swept up in an "ideal storm" of negative geopolitical factors and tight domestic macroeconomic conditions last year.
Sechin noted that this year, high oil prices, driven by the conflict in the Middle East, are largely offset by rising freight, insurance and other costs.
According to LSEG data going back to June 1988, front-month Brent crude futures recorded a record monthly increase of 64% in March.
The US benchmark West Texas Intermediate rose by around 52% over the month, marking its biggest jump since May 2020.
Sechin said that in March, freight rates for transporting Russian oil from Baltic ports to India exceeded US$20 per barrel – ten times higher than the cost of shipping oil from Russia to Europe at the beginning of 2022.
Background: On 23 October, the United States imposed sanctions on Russia's largest oil companies, Rosneft and Lukoil, as well as their subsidiaries.
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