With the war between Russia and Ukraine raging for 52 months and counting, Russia’s oil and gas industry continues to operate under the mounting pressure of sanctions and restrictions in export markets — a fact that eats into companies' earnings. However, energy prices and domestic fiscal policy remain the main factors impacting corporate developments and investments. Companies move forward with the development of strategic projects, albeit at a slower pace, and continue to pay dividends, prioritizing cost-cutting and improved efficiency. Price jumps caused by the disruptions in the Middle East gave Russian producers a break, which could be short-lived following a peace deal agreed between the US and Iran. Meanwhile, Russian companies are facing an additional cost for protecting their infrastructure from drone attacks.