MOSCOW, RUSSIA – Russian state oil giant Rosneft posted a drop in its annual profit on Monday in the wake of Western sanctions against the country.
The company announced a net profit of US$10.5 billion (813 billion roubles) for last year, down 7.9 percent from 2021.
Rosneft said “non-monetary factors played a large role in determining the dynamics” of its earnings.
It added the profit level “forms a solid basis” for paying dividends.
Western powers have imposed a raft of sanctions against Russia over the conflict in Ukraine, including a price cap on its crude at the end of 2022.
In 2021, Rosneft set its record net profit of US$11.4 billion.
