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Rosneft First-Quarter Net Profit Down on Steep Forex Losses

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MOSCOW—Russia’s state-run oil firm OAO Rosneft said on Wednesday that its first-quarter net profit slid by more than a 10th due to large foreign-exchange losses as the ruble plummeted against the U.S. dollar amid Russia’s invasion of neighboring Ukraine.

The falling profits at Rosneft, coupled with a drop in the stock price to 10-month lows after its chief executive was sanctioned by the U.S., highlight the costs that Moscow’s…

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