How is Russia's oil industry doing under the weight of international sanctions? Not bad at all, according to the earnings of the biggest Kremlin-controlled oil major.
Rosneft Oil said profits rose in the first half of the year, as rising crude prices helped Russia's state-backed energy giant and biggest taxpayer to shrug off mounting restrictions on exports.
The company said net income rose 13% from a year earlier to 432 billion rubles, or around $7.2 billion. Fossil-fuel production rose 1.5% to the equivalent of 4.85 million barrels of oil a day.
"Rosneft was under an unprecedented pressure of adverse external factors and unlawful sanctions," Chief Executive Igor Sechin, an longtime ally of President Vladimir Putin, said in a statement.
The rise in profits and output marks a remarkable recovery. Russia's oil industry plunged into crisis in the early weeks of the war. But new buyers stepped in and a rise in global oil prices enabled Rosneft to rake in cash, even though its crude traded at a discount.
The results illustrate the challenge facing Western governments as they try to accomplish two goals: Keep Russian oil flowing onto global markets, while reducing the influx of money that helps the Kremlin fund the war. So far, they have achieved the first, but failed on the second.
Dig deeper into Russia's oil industry:
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September 15, 2022 at 10:09PM
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