Sashi, Where's The Money?
- 27.04.2026, 8:18
The Belarusian oil industry in Russia ended last year with losses unprecedented in its history.
The colossal investments, which the Belarusian authorities had spent for dozens of years to acquire and expand their oil production business in Russia, did not just fail to yield returns last year. They suddenly "transformed" into almost $34 million in losses. Losses - record losses in the history of the Belarusian oil project in Russia. Losses, one could say, on a particularly large scale. In general, one should ask both the general director of Belorusneft, "senator" Alexander Lyakhov, and his namesake-protégé about them: "Sashi, money - where is it?"
There is a record
As planbmedia.io looked at, the Yangpur Oil Company went into a minus last year by $18 million (1.5 billion Russian rubles). The reports of all Belarusian companies are not yet available, but with this amount, "Yangpur" undoubtedly claims to be the leader of the rating of the most unprofitable businesses in the country.
This company with licenses for oil and gas production in the Khanty-Mansi Autonomous District was acquired in 2013 by Belorusneft at a Russian auction to make the dream of the Belarusian authorities come true - to have oil fields outside the country. There were attempts in Venezuela, Iran, and finally it turned out in Siberia.
The adjustment of the business under the new owner required efforts. That is why in 2013-2014 the company was minus. But since then - thanks to investments from the metropolis and favorable market conditions - it has never happened. Until 2025. Moreover, Yangpur has become one of the main revenue earners for the Belarusian treasury. In 2020-2023 (with the exception of 2022), it will annually supply it with at least 10-20 million dollars of net profit in equivalent, and in 2024 - even more than 35 million.
The Belarusian authorities inherited "Yangpur" from the previous owner as a bankrupt asset. It is not excluded that it will return to this status under them. Last year an attempt to declare "Yangpur" bankrupt was made by one of the regional divisions of the Federal Tax Service.
It was about the amount of only about 20 thousand dollars and as a result in March of this year the suit was withdrawn. But the problem, judging by the data of the same tax office, remains. "With a record loss, "Yangpur" owes almost $5.5 million in taxes and fees to the Russian treasury.
And one more
Another $2 million only in taxes and fees owed in Russia by Belorusneft's oil service subsidiary "Belorusneft-Siberia", which is closely connected with "Yangpur" by corporate, technological and personnel threads.
And this company also owes over $10 million to its commercial counterparties, who have brought more than 120 lawsuits against it in 2025 and early 2026.
What "Belorusneft-Sibiri" will do to pay off the Russian utilities, suppliers of equipment and equipment, is unknown: the loss, which it received at the end of 2025, is not much less than that of "Yangpur" - about $14.5 million.
And it is also a record in its history, which has been conducted since 2008. Moreover, the volume of the loss exceeds the total amount of net profit earned by Belorusneft-Siberia for all the time of its work in the Russian North.
And you, Brutus...
The picture of the aching situation with the Belarusian oil industry in Siberia is complemented by the third legal entity of Belorusneft - the construction company Belseverstroy.
While in 2024 it ended with a profit, last year - with $1.5 million of losses. Belseverstroy's current tax debt exceeds half a million dollars. And there are a dozen of lawsuits against Yangpur, some of which, as its subsidiary organization, the builders are co-defendants.