Moscow, Russia – Russia’s largest oil producer, Rosneft, announced on Friday that its net income for January through September fell 70% year-on-year to 277 billion roubles ($3.57 billion), citing high interest rates, lower oil prices, and a stronger rouble as key factors.

Revenue for the period dropped 17.8% to 6.29 trillion roubles, while earnings before interest, taxes, depreciation, and amortization (EBITDA) declined by 29.3% to 1.6 trillion roubles.

The company noted that additional pressures came from increased spending on “anti-terror security,” without providing specific details. This comes as Ukraine has intensified drone attacks on Russian energy infrastructure since August, contributing to heightened operational risks.

Rosneft highlighted the impact of the Bank of Russia’s high key interest rate on profitability and pointed to other non-monetary and one-off factors that weighed on results during the reporting period.

Lower oil prices have also affected other global oil majors, including Shell and TotalEnergies, underlining a broader trend of pressure on the energy sector amid shifting market conditions.