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Moscow - Russian energy giant Rosneft on Wednesday announced its third-quarter profits crashed as it operates under Western sanctions over the Ukraine crisis and the ruble plunges.
Net profit fell by 99.3% to €18.3m ($23.4m).
The fall in profits year-on-year from 143bn rubles to one billion (€18.3m) came after Rosneft asked the Russian government for massive financial support to help it survive US and EU sanctions imposed this summer.
The United States in July added Rosneft, which is almost 70% state-controlled, to its list of companies that face sanctions over the Ukraine crisis, drastically limiting its access to US markets.
The European Union adopted sanctions against Rosneft and other major companies in September.
The company said in its report that it "considers these sanctions in its activities, continuously monitors them and analyses the effect of the sanctions on the Company's financial position and results of operations."
Its total revenues in the third quarter grew 1.92% to 1.382bn rubles (€25.2bn).
The Russian oil giant reported a fall in its profits over the first nine months of the year of more than 37% to 261bn rubles (€4.8bn).
But excluding Rosneft's acquisitions of TNK-BP assets in 2013, the net profits for nine months were up 4.4%.
The total revenues before interest, tax, depreciation and amortisation (Ebitda) were up 25.4% for the first nine months, to 4.192bn rubles (€76.7bn).
It said its net profits over nine months not including losses from foreign currencies were 411bn rubles.
Oil production has remained stable at 4.2 million barrels per day, while gas extraction has risen more than 56% over nine months to 40.87 billion cubic metres.
"The Company's business is stable both operationally and financially," Rosneft chief Igor Sechin was quoted as saying in a company statement.
Rosneft in August asked the Russian government to give it huge financial bailout to help it repay a debt of nearly $45bn.
Economic Development Minister Alexei Ulyukayev said on Wednesday that Russia could not satisfy a request from Rosneft for a further bailout.
"The request in its current form does not meet the requirements for financing," Ulyukayev was quotd as saying by RIA Novosti news agency.
Rosneft accounts for more than 40 percent of Russia's oil production. Britain's BP owns around 19% of the Russian oil major.
