Russia's largest oil company, Rosneft, reported a profit despite the sanctions

Russian oil company Rosneft / PhotoEPA-EFE / YURI KOCHETKOV

The largest Russian oil producer, "Rosneft", reported that its half-year net profit grew by 13 percent, that is, by 432 billion rubles ($7,22 billion). The company said in a statement that the good results were helped by strict cost control.

Russia's oil sector is facing sanctions from Western countries because of the war in Ukraine.

"Rosneft was under strong unprecedented pressure from negative external factors and illegal sanctions," said the statement signed by the CEO. Igor Sechin, which is itself under sanctions.

Russia has also suffered an outflow of Western capital since the start of the invasion of Ukraine, which Moscow calls a "special military operation". British giant BP announced in February that it was selling its 19,75% stake in Rosneft.

The Russian company said that oil sales from January to June increased by 5,7 percent year-on-year, while its debt fell by 12 percent year-on-year.

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