Russian Oil Giants Buckle Under Low Prices and Sanctions

Russia’s oil giants are being squeezed from all sides—by falling crude prices, sanctions, and punishing interest rates—leaving first-half profits in freefall and exposing the limits of Moscow’s ability to shield its energy sector from global headwinds. Rosneft, the country’s largest oil producer, reported a 68% decline in profits for the first six months of 2025 versus the same period of 2024, citing a global crude oil oversupply driven by OPEC+’s unwinding of production cuts. Chief executive Igor Sechin warned…