Novatek’s 2025 Profit Tumbles 60% as Sanctions Bite

Russia’s biggest LNG producer and exporter, Novatek, reported on Wednesday a 60% slump in its profit for 2025 from a year earlier. Profit attributable to shareholders of Novatek plunged to $2.37 billion (183 billion Russian rubles) last year, down from $6.38 billion (493 billion rubles) for 2024. Novatek said that its normalized profit in 2025 was “significantly negatively affected by one-off non-cash items,” the effect of which amounted to $3.9 billion (301 billion rubles). The company did not disclose…