Rosneft faces operational pressure from drone attacks and project delays

Rosneft is experiencing significant operational challenges due to a combination of Ukrainian drone strikes on refineries and delays in its massive Vostok Oil project in the Arctic. The Vostok Oil initiative, which involves an investment of approximately $50 billion, aims to increase Russia's oil output by 10% by 2030.

Ukrainian drone attacks on Russian oil infrastructure have increased significantly, with at least 114 strikes reported since the beginning of 2026, more than double the frequency of the previous year. These attacks have targeted several of Rosneft's 12 refineries, including facilities in Ryazan, Syzran, and Tuapse. Such disruptions have led to reduced refining capacity, fuel shortages, and export restrictions on gasoline, diesel, and aviation kerosene.

Furthermore, Western sanctions are complicating repair efforts by limiting access to essential spare parts and technologies. While the company has attempted to use Russian substitutes or Chinese equipment, these alternatives often result in lengthy delays. These combined factors have contributed to a nearly 20% drop in the company's net profit during the first half of 2026.