"Western sanctions imposed in 2014 have had only a limited impact on oil output so far. Russian exports of crude oil including condensate and oil products exceeded 70% of gross liquids production volumes in 2015, making Russia a key global exporter of liquids and oil products. Fitch expects Russia to remain a major crude and oil products exporter," Fitch said.
According to Fitch’s "Russian Big Oil Overview" report, Russian oil production in October averaged 11.2 million barrels per day, which is a post-Soviet record.
Fitch also said that negative effect of Russian taxation proposals in 2016, in particular, introducing a higher mineral extraction tax, could be manageable.