In the first nine months of 2025, PJSC NK Rosneft reported a sharp decline in financial performance: net profit fell by 70%, amounting to only $3.51 billion compared to $11.72 billion a year earlier. The company’s revenue decreased by 17.8%. At the same time, production volumes declined: gas production fell by 13.1%, and oil refining decreased by 7.8%.
The reasons for this deterioration include rising operating costs for anti-terrorism security, logistics, and maintenance, as well as the shutdown of about 20% of Russian refinery capacities from August to October.
Additional burdens included repair and recovery work and optimization of plant workloads. The high interest rate set by the Central Bank of Russia increased debt servicing costs by $2.53–3.80 billion. A 20–25% strengthening of the ruble since the beginning of the year reduced foreign currency earnings from exports, which account for more than 70% of the company’s revenue. The loss of access to Western technologies led to the suspension or reduction of production at technologically complex fields, including offshore projects and heavy crude oil.
The company’s profit decline indicates not a temporary fluctuation but a structural deterioration in the Russian oil and gas sector. Rosneft is forced to sell oil at a constant discount, undermining its competitiveness.
In the medium term, this deterioration in the financial results of one of Russia’s key enterprises is expected to trigger a chain reaction of reduced solvency in related industries, including logistics, oilfield services, and machinery manufacturing.
