Russia’s extractive industries are in deep crisis, according to new data from the Russian state statistical agency Rosstat. In February and March 2025, the country’s oil, gas, and coal sectors recorded catastrophic losses, marking the most severe collapse in industrial profitability since the invasion of Ukraine began. The numbers are unambiguous. The total profit from Russia’s mining sector fell -61% year-on-year in February, followed by a staggering -89% drop in March.