Russia's Lukoil second quarter profits down 58%

Russia's largest private oil firm Lukoil said Friday its profits had fallen 58 percent year-on-year in the second quarter. Lukoil said in a statement that its financial results had been affected by "a sharp decrease in hydrocarbon prices," as well as a "non-cash write-off" of $324 million. The slide in oil prices and Western sanctions over Moscow's role in the Ukraine crisis have pummelled the Russian economy in recent months, leading the ruble to collapse.