While you're at it...

NEW: Rosneft deep dive by Bloomberg News + Officials at Russia’s largest oil producer are concerned that even a few more months of the war with Ukraine could leave lasting damage across the business. + One of Rosneft’s biggest refineries, Ryazan, has been shut for more than half the time since it was first hit by Ukraine in May and has run well below full capacity when operating, according to damage assessments seen by Bloomberg. + Another, Syzran, has spent much of the past six months either completely shut or operating at less than a third of capacity, according to data reviewed by Bloomberg. The Tuapse refinery has been offline since April. + Ukraine is conducting repeat strikes on the refineries as soon as repairs are completed or nearing completion. The need to repeatedly repair damaged equipment is straining operations and causing costs to pile up to levels that Rosneft officials have privately warned cannot be sustained long-term. + Some plants have deliberately slowed repairs as a result, stretching work that should take days into weeks, according to people familiar with the matter. + Efforts to protect the facilities with shipping containers, nets and steel cables have proved ineffective against swarms of drones, company plans show. + The damage is particularly difficult to repair when strikes hit complex secondary units, whose parts would previously have been sourced from the West. It means relying on Russian-made copies and Chinese imports that can take months to obtain and are not always compatible with existing machinery. + It’s put Rosneft into financial trouble. Even before the ramping up of Ukraine’s drone campaign, the company saw a “perfect storm” for its finances. Since then, its profits are down and debt is rising despite what should have been a big windfall from the Iran war. + Moscow Credit Bank, which is linked to Rosneft, is showing signs of distress with $8 billion of problem loans. It highlights how both Russia’s energy and banking sectors are coming under strain at the same time, a dynamic causing concern to Russian finance officials. All this and much more in the full story here: bloomberg.com/news/features/…

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