Putin's most important empire is falling apart. This is how the Kremlin loses billions
All the largest oil companies in the country recorded in the first half of 2025. twice or three times a decrease in profits – results from reports published last week.
The Rosneft company, which is responsible for every second barrel excavated from the ground, announced a three -time decrease in profits falling to shareholders – from 773 billion to 245 billion rubles (according to the current exchange rate from 35 billion to PLN 11 billion).
OPEC countries actively increased miningwhich caused a decrease in global prices, and “an increase in discounts on Russian oil was observed in connection with an exacerbation of EU and USA sanctions” – the head of the company Igor Sieczyn explained.
Łukoil, taking second place in terms of the amount of oil production, lost half of the profits: they amounted to 287 billion rubles (PLN 13 billion) compared to 590 billion (PLN 26 billion) a year earlier. The company's revenues fell by 17 percent.
Gazprom's profit was not 54 percent up to 150 billion rubles (PLN 6 billion), and revenues dropped by 12 percent, despite the fact that the company increased mining by 5 percent. and oil processing by 4 percent
Mass losses
Przedsiębiorstwo Surgutnieftiegaz, occupying the fourth place in terms of extraction size, became lossy. During the six months, 452.7 billion rubles (PLN 20 billion) lost. Surgutnieftiegaz finances were negatively influenced by the strengthening of the ruble, which caused the depreciation of a huge “currency cushion” of a company worth approx. 70 billion dollars. (PLN 255 billion).
Tatnefti's profit has dropped almost three times, to 54.2 billion rubles (PLN 2 billion), and Rosneft – 3.2 times, to PLN 11.8 billion (PLN 534 million).
Russia's oil and gas sector, which depends on Every third year in the budgetlost 50.4 percent profits, according to Rosstat data. The consolidated financial result in half a year dropped to PLN 1.264 trillion rubles (PLN 57 billion). At the same time, 45 percent companies ended with a loss of 749.5 billion rubles (PLN 33 billion).
In the Chanta-Campyan autonomous district, the main oil region, which provides 40 percent. the entire production of the country, the oil industry has become unprofitable. According to data for the period of January -MAJ, companies recorded losses of 506.3 billion rubles (PLN 22 billion).
“The results of companies from the oil and gas sector remain under the pressure of a strong ruble and low oil prices,” write analysts Cifra Broker, a company that provides services on the financial market of the Russian Federation. Urals barrel, which at the beginning of the year cost almost $ 70. (PLN 255), until May she got cheaper to $ 52.1 (PLN 190), and in June cost $ 59.8 (PLN 218). Its price in rubles in six months dropped by almost 30 percent, to 4.7 thousand. rubles (PLN 213) for a barrel.
Rosneft tanks (illustrative photo)
It may be even worse
Additional barriers to the production and export of energy resources are created by a tightening of sanctions against the Russian energy sector – notes Jelena Galjew, a scientific employee of the industry markets laboratory and infrastructure of the Gajdar Institute. The Embargo of G7 countries applies to the oil industry: sanctions against navigation and logistics were introduced by blocking the so -called Shadow fleets, technological embargo and financial restrictions in the form of dollars blockade, pressure on third countries increases.
This year, relations between oil producers and importers have been destabilized due to threats of secondary sanctions – As a result, the oil sector stood in the face of sales restrictions – write experts of the Gajdar Institute, which deals with economic policy. Exports to China in the first half of the year fell by 11 percent. in physical terms, and in a monetary approach – by 24 percent
Apart from Asian countries, to which over 80 percent go. exports, virtually no one buys Russian oil. However, increasing flows to the east is difficult: there is a lack of tankers and the ports are overloaded – experts note.
– The decrease in the income of oil companies results primarily from the reduction of oil prices on the global market and strengthening the ruble – explains Igor Juszków, the main analyst of the Energy Security Fund. – Therefore, export revenues decreased: companies began to earn less, selling the same amount of products abroad.
