Russian oil giant Rosneft PJSC plans to pay the lowest interim dividends since the pandemic in 2020 as slumping crude prices, a stronger ruble and looming US sanctions bite.
The board of directors of Russia’s largest state-controlled oil producer recommended to pay 11.56 rubles, $0.14, per share in interim dividends, according to a regulatory filing on Thursday.
The recommendation comes just a day before unprecedented US sanctions are due to hit Rosneft and fellow Russian oil giant Lukoil PJSC. President Donald Trump’s administration last month stepped up restrictions on Russia’s oil industry, which together with gas accounts for about a quarter of the nation’s coffers.
Rosneft’s earnings were already undermined by lower global oil prices amid fears of global surplus and much stronger ruble, with the appreciation of the nation’s currency meaning fewer rubles for each sold barrel. As a result, Rosneft’s net income shrank by 68% in the first half of the year from the same period in 2024.
Rosneft, responsible for over a third of the nation’s oil output, has been paying dividends to the state since 1999, and to other shareholders since 2006 when it began trading publicly. The producer started to pay interim dividends in 2017, distributing half of its profit to shareholders. It scrapped the payouts for the first half of 2020 after posting a loss for the period.
Lukoil’s board of directors will discuss recommendations on interim dividends on Friday. The oil producer initially planned to discuss nine-month payouts on Oct. 23, but postponed after US announced sanctions against the company on Oct. 22.
Some Lukoil units on Friday received extensions to sanctions waivers that the Trump administration imposed.
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