Russian oil company Rosneft said profits for the second quarter were down because of market and currency volatility, but performance was better than expected.

Rosneft reported second-quarter profits at $1.99 billion, about 22 percent lower than the same period last year. Chairman Igor Sechin in a statement said the second half of the year was characterized by a high degree of volatility in crude oil prices and the value of the ruble, for which the decline against the U.S. dollar helped offset other market factors.

"The company demonstrated better dynamics of revenues, earnings before interest, taxes, depreciation, and amortization and adjusted net income in the first half 2015 compared to first half 2014 taking into consideration change in average oil prices, both in ruble and U.S. dollar terms," he said.

The ruble has been pressured by a weak economy in general and sanctions targeting the Russian energy sector. Sechin last year asked the Kremlin to use a national welfare fund to support its growing debt. With oil prices at historic lows, the Russian economy entered 2015 teetering on the brink of recession.

Consultant group Wood Mackenzie last month said oil and gas companies in Russia are suited well to withstand any protracted slump in the crude oil market.

Crude oil prices starting in June 2014 began a steady decline, dropping from levels above the $100 per barrel mark to below $50 per barrel. Looking ahead, Wood Mackenzie expects Russian companies will need to pursue emerging energy sectors, like frontier developments and liquefied natural gas, and expand into non-Western markets to endure what's expected to be a sustained decline in the crude oil market.