The group’s 2011 financial report revealed that Rosneft donated about $422 million last year against$116 million in 2010.
Rosneft refused to disclose the recipients of its donations, with a representative telling Moscow business daily Vedomosti it had “increased social spending in regions” where it works.
Analysts in Moscow believe that Rosneft may have included the purchase of the CSKA ice hockey club in Moscow and its spending on building infrastructure for Olympic Games in the city of Sochi into its “charity spending”.
