Tatneft Group
IFRS CONSOLIDATED FINANCIAL STATEMENTS
AND INDEPENDENT AUDITOR’S REPORT
31 DECEMBER 2021

Contents
INDEPENDENT AUDITOR’S REPORT
CONSOLIDATED FINANCIAL STATEMENTS
Consolidated Statement of Financial Position ........................................................................................... 1
Consolidated Statement of Profit or Loss and Other Comprehensive Income .......................................... 2
Consolidated Statement of Change in Equity ............................................................................................ 4
Consolidated Statement of Cash Flows ..................................................................................................... 5
Notes to the Consolidated Financial Statements
Note 1: Organisation ................................................................................................................................. 7
Note 2: Basis of preparation ...................................................................................................................... 7
Note 3: Summary of significant accounting policies ................................................................................. 7
Note 4: Critical accounting estimates and judgements in applying accounting policies ......................... 22
Note 5: Adoption of new or revised standards and interpretations .......................................................... 26
Note 6: Cash and cash equivalents .......................................................................................................... 27
Note 7: Accounts receivable .................................................................................................................... 27
Note 8: Banking: Loans to customers ...................................................................................................... 30
Note 9: Other financial assets .................................................................................................................. 32
Note 10: Inventories ................................................................................................................................ 36
Note 11: Prepaid expenses and other current assets ................................................................................ 36
Note 12: Property, plant and equipment .................................................................................................. 37
Note 13: Right-of-use assets and lease liabilities. ................................................................................... 40
Note 14: Taxes......................................................................................................................................... 41
Note 15: Debt .......................................................................................................................................... 43
Note 16: Accounts payable and accrued liabilities .................................................................................. 45
Note 17: Banking: Due to banks and CB RF ........................................................................................... 45
Note 18: Banking: Customer accounts .................................................................................................... 46
Note 19: Other long-term liabilities ......................................................................................................... 47
Note 20: Shareholders’ equity ................................................................................................................. 48
Note 21: Employee benefit expenses ....................................................................................................... 49
Note 22: Interest income and interest expense on non-banking activities ............................................... 50
Note 23: Interest and commission income and expense on banking activity ......................................... 50
Note 24: Segment information ................................................................................................................ 51
Note 25: Related party transactions ......................................................................................................... 54
Note 26: Contingencies and commitments .............................................................................................. 57
Note 27: Principal subsidiaries ................................................................................................................ 59
Note 28: Business combinations.............................................................................................................. 60
Note 29: Financial risk management ....................................................................................................... 60
Note 30: Subsequent events ..................................................................................................................... 83

AO PricewaterhouseCoopers Audit
White Square Office Center 10 Butyrsky Val Moscow, Russian Federation, 125047
T: +7 (495) 967 6000, F:+7 (495) 967 6001, www.pwc.ru
Independent Auditor’s Report
To the Shareholders and Board of Directors of PJSC Tatneft:
Opinion
In our opinion, the consolidated financial statements present fairly, in all material respects, the
consolidated financial position of PJSC Tatneft (the “Company”) and its subsidiaries (together – the
“Group”) as at 31 December 2021, and the Group’s consolidated financial performance and
consolidated cash flows for the year then ended in accordance with International Financial Reporting
Standards (IFRS).
What we have audited
The Group’s consolidated financial statements comprise:
 the consolidated statement of financial position as at 31 December 2021;
 the consolidated statement of profit or loss and other comprehensive income for the year then
ended;
 the consolidated statement of change in equity for the year then ended;
 the consolidated statement of cash flows for the year then ended; and
 the notes to the consolidated financial statements, which include significant accounting policies and
other explanatory information.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (ISAs). Our
responsibilities under those standards are further described in the Auditor’s responsibilities for the audit
of the consolidated financial statements section of our report.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for
our opinion.
Independence
We are independent of the Group in accordance with the International Code of Ethics for Professional
Accountants (including International Independence Standards) issued by the International Ethics
Standards Board for Accountants (IESBA Code) and the ethical requirements of the Auditor’s
Professional Ethics Code and Auditor’s Independence Rules that are relevant to our audit of the
consolidated financial statements in the Russian Federation. We have fulfilled our other ethical
responsibilities in accordance with these requirements and the IESBA Code.
Key audit matters
Key audit matters are those matters that, in our professional judgment, were of most significance in our
audit of the consolidated financial statements of the current period. These matters were addressed in
the context of our audit of the consolidated financial statements as a whole, and in forming our opinion
thereon, and we do not provide a separate opinion on these matters.

2
Key audit matter How our audit addressed the key audit matter
Recoverability of assets associated with the
production
of super viscous oil
Refer to Note 12 to the consolidated financial
statements
Management updated the impairment test
models for assets associated with the
production of super viscous oil as of the
reporting date, due to an increase in the
discount rate resulting from increased cost of
borrowings, and following the adoption of
legislative acts clarifying the application of
certain aspects of the mineral extraction tax
legislation after elimination in 2021 of the
incentive benefits for production of super
viscous oil.
We focused on this matter due to materiality of
the carrying value of assets tested for
impairment and the significance of estimates
and judgements involved.
We performed the following audit procedures to
test whether the estimates and calculations used
by the Group to identify recoverable values of
assets associated with the production of super
viscous oil, are reasonable:
 examination of the models and
calculations used for the impairment test,
including verification of the mathematical
accuracy of discounted cash flow models;
 testing for reasonableness of key
assumptions used by the Group’s
management when estimating the
recoverable values;
 comparison of the crude oil volumes used
for the impairment test with the volumes
estimated by the independent engineering
firm;
 analysis of the macroeconomic
assumptions used by the Group's
management, including forecasts for
hydrocarbon prices, by comparing them
with consensus estimates from investment
banks and analytical agencies;
 assessment of compliance with IFRS of
the disclosures in the consolidated
financial statements.
We used PwC valuation specialists to assess the
appropriateness of the discount rate used in
calculatin
g
the recoverable amount.

3
Key audit matter How our audit addressed the key audit matter
Measurement of the decommissioning
provision
Refer to Note 12 to the consolidated financial
statements
The Group's consolidated financial statements
include provision for decommissioning of assets
and environmental restoration.
Decommissioning provision is remeasured by
management at the end of each reporting
period. Due to the inherent complexity of future
costs assessment, the measurement procedure
involves the use of various estimates and
judgements by the management.
Decommissioning provision (including its
current portion) is material for the consolidated
statement of financial position of the Group as
of 31 December 2021 and amounts to RR
38,710 million (31 December 2020: RR 55,373
million).
We focused on the measurement due to the
materiality of this provision and also due to the
significant decrease in the amount of the
decommissioning provision by RR 16,663
million as at 31 December 2021 compared to 31
December 2020. This decrease was due to
several multidirectional factors, the most
significant of which was the revision of the
discount rate used in the calculation. Other
changes primarily relate to the accrual of
decommissioning provision for newly
commissioned items of property, plant and
equipment.
We performed the following audit procedures in
respect of valuation models for the
decommissioning provision:
 verification of the mathematical accuracy of
calculations and of completeness of the
underlying data such as a list of assets to be
disposed of, cost of well suspension and
abandonment, the number of wells and other
items of property, plant and equipment, cost
of land restoration and land acreage, the
period up to the field decommissioning
(discounting period);
 testing whether the assumptions used in
calculation of the decommissioning provision,
such as discount rate, are reasonable;
Our procedures to testing the appropriateness of
the cost of decommissioning the wells, other
property, plant and equipment and land restoration
which is used to measure the decommissioning
provision, included discussions with the Group’s
technical specialists of the list of procedures for
decommissioning and restoration works, and
reconciliation with Group budgets for liquidation of
property, plant and equipment.
The change in the discount rate used to measure
future decommissioning costs had the most
significant impact on the remeasurement of the
decommissioning provision in 2021. We reconciled
the discount rate applied by the Group
management with the yield to maturity of
government securities the maturity of which is
comparable with the expected maturity of
decommissionin
g
and restoration obli
g
ations.
Other matter – Materiality and Group audit scope
Overview
Materiality Overall Group materiality: Russian Roubles (“RUB”) 12 800 million,
which represents 5% of profit before tax.

4
Group scoping
 We conducted audit work at 4 reporting units.
 The Group engagement team visited Group’s operations in
Almetievsk, Nizhnekamsk and Moscow.
 Our audit scope addressed 96% of the Group’s revenues and 95%
of the Group’s absolute value of underlying profit before tax.
Materiality
As part of designing our audit, we determined materiality and assessed the risks of material
misstatement in the consolidated financial statements. In particular, we considered where management
made subjective judgements; for example, in respect of significant accounting estimates that involved
making assumptions and considering future events that are inherently uncertain. As in all of our audits,
we also addressed the risk of management override of internal controls including, among other matters,
consideration of whether there was evidence of bias that represented a risk of material misstatement
due to fraud.
The scope of our audit was influenced by our application of materiality. An audit is designed to obtain
reasonable assurance whether the consolidated financial statements are free from material
misstatement. Misstatements may arise due to fraud or error. They are considered material if individually
or in aggregate, they could reasonably be expected to influence the economic decisions of users taken
on the basis of the consolidated financial statements.
Based on our professional judgement, we determined certain quantitative thresholds for materiality,
including the overall Group materiality for the consolidated financial statements as a whole as set out in
the table below. These, together with qualitative considerations, helped us to determine the scope of
our audit and the nature, timing and extent of our audit procedures and to evaluate the effect of
misstatements, if any, both individually and in aggregate on the consolidated financial statements as a
whole.
Overall Group materiality RUB 12 800 million
How we determined it 5% of profit before tax
Rationale for the materiality
benchmark applied
We chose profit before tax as the benchmark because, in our
view, it is the benchmark against which the performance of the
Group is most commonly measured by users, and is a generally
accepted benchmark. We chose 5% which is consistent with
quantitative materiality thresholds used for profit-oriented
companies in this sector of the economy and with previous year
benchmark.
How we tailored our Group audit scope
We tailored the scope of our audit in order to perform sufficient work to enable us to provide an opinion
on the consolidated financial statements as a whole, taking into account the structure of the Group, the
accounting processes and controls, and the industry in which the Group operates.
In establishing the overall approach to the group audit, we determined the type of work that needed to
be performed at reporting units by us, as the group engagement team, or component teams operating
under our instruction. Where the work was performed by the component team of ZENIT Banking Group,
we determined the level of involvement we needed to have in the audit work at this reporting unit to be
able to conclude whether sufficient appropriate audit evidence had been obtained as a basis for our
opinion on the Group’s consolidated financial statements as a whole.

5
We identified the following significant reporting units where we performed full-scope audit procedures:
PJSC Tatneft (parent holding company, located in Almetievsk), JSC TANECO (oil refinery subsidiary,
located in Nizhnekamsk), PJSC Nizhnekamskshina (tires producing subsidiary, located in
Nizhnekamsk) and ZENIT Banking Group (banking subsidiaries, holding company is located in
Moscow). In addition, we performed specified audit procedures over selected financial statements line
items at a number of less significant reporting units in order to increase the level of audit comfort.
Other information
Management is responsible for the other information. The other information comprises “Management’s
discussion and analysis of financial condition and results of operations for the three months ended 31
December and 30 September 2021 and years ended 31 December 2021 and 2020” (but does not
include the consolidated financial statements and our auditor’s report thereon), which we obtained prior
to the date of this auditor’s report, and PJSC Tatneft Annual Report 2021 and Report of the Equity
Securities Issuer for 12 months of 2021, which are expected to be made available to us after that date.
Our opinion on the consolidated financial statements does not cover the other information and we do
not and will not express any form of assurance conclusion thereon.
In connection with our audit of the consolidated financial statements, our responsibility is to read the
other information identified above and, in doing so, consider whether the other information is materially
inconsistent with the consolidated financial statements or our knowledge obtained in the audit, or
otherwise appears to be materially misstated.
If, based on the work we have performed on the other information that we obtained prior to the date of
this auditor’s report, we conclude that there is a material misstatement of this other information, we are
required to report that fact. We have nothing to report in this regard.
When we read the PJSC Tatneft Annual Report 2021 and Report of the Equity Securities Issuer for 12
months of 2021, if we conclude that there is a material misstatement therein, we are required to
communicate the matter to those charged with governance.
Responsibilities of management and those charged with governance for the
consolidated financial statements
Management is responsible for the preparation and fair presentation of the consolidated financial
statements in accordance with IFRS, and for such internal control as management determines is
necessary to enable the preparation of consolidated financial statements that are free from material
misstatement, whether due to fraud or error.
In preparing the consolidated financial statements, management is responsible for assessing the
Group’s ability to continue as a going concern, disclosing, as applicable, matters related to going
concern and using the going concern basis of accounting unless management either intends to liquidate
the Group or to cease operations, or has no realistic alternative but to do so.
Those charged with governance are responsible for overseeing the Group’s financial reporting process.
Auditor’s responsibilities for the audit of the consolidated financial statements
Our objectives are to obtain reasonable assurance about whether the consolidated financial statements
as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s
report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a
guarantee that an audit conducted in accordance with ISAs will always detect a material misstatement
when it exists. Misstatements can arise from fraud or error and are considered material if, individually
or in the aggregate, they could reasonably be expected to influence the economic decisions of users
taken on the basis of these consolidated financial statements.

6
As part of an audit in accordance with ISAs, we exercise professional judgment and maintain
professional scepticism throughout the audit. We also:
 Identify and assess the risks of material misstatement of the consolidated financial statements,
whether due to fraud or error, design and perform audit procedures responsive to those risks, and
obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of
not detecting a material misstatement resulting from fraud is higher than for one resulting from error,
as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of
internal control.
 Obtain an understanding of internal control relevant to the audit in order to design audit procedures
that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the
effectiveness of the Group’s internal control.
 Evaluate the appropriateness of accounting policies used and the reasonableness of accounting
estimates and related disclosures made by management.
 Conclude on the appropriateness of management’s use of the going concern basis of accounting
and, based on the audit evidence obtained, whether a material uncertainty exists related to events
or conditions that may cast significant doubt on the Group’s ability to continue as a going concern.
If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s
report to the related disclosures in the consolidated financial statements or, if such disclosures are
inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to
the date of our auditor’s report. However, future events or conditions may cause the Group to cease
to continue as a going concern.
 Evaluate the overall presentation, structure and content of the consolidated financial statements,
including the disclosures, and whether the consolidated financial statements represent the
underlying transactions and events in a manner that achieves fair presentation.
 Obtain sufficient appropriate audit evidence regarding the financial information of the entities or
business activities within the Group to express an opinion on the consolidated financial statements.
We are responsible for the direction, supervision and performance of the Group audit. We remain
solely responsible for our audit opinion.
We communicate with those charged with governance regarding, among other matters, the planned
scope and timing of the audit and significant audit findings, including any significant deficiencies in
internal control that we identify during our audit.
We also provide those charged with governance with a statement that we have complied with relevant
ethical requirements regarding independence, and to communicate with them all relationships and other
matters that may reasonably be thought to bear on our independence, and where applicable, actions
taken to eliminate threats or safeguards applied.
From the matters communicated with those charged with governance, we determine those matters that
were of most significance in the audit of the consolidated financial statements of the current period and
are therefore the key audit matters. We describe these matters in our auditor’s report unless law or
regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we
determine that a matter should not be communicated in our report because the adverse consequences
of doing so would reasonably be expected to outweigh the public interest benefits of such
communication.

7
The certified auditor responsible for the audit resulting in this independent auditor’s report is
M. E. Timchenko.
15 March 2022
Moscow, Russian Federation
M. E. Timc
henko is authorised to sign on behalf of the general director of AO PricewaterhouseCoopers
Audit (Principal Registration Number of the Record in the Register of Auditors and Audit Organizations
(PRNR) – 12006020338), certified auditor (PRNR – 21906100451)

TATNEFT
Consolidated Statement of Financial Position
(In million of Russian Rubles)
The accompanying notes are an integral part of these consolidated financial statements.
1
Note
31 December 2021 31 December 2020
Assets
Cash and cash equivalents
6
66,487 40,105
Banking: Mandatory reserve deposits with the Bank of Russia 1,429 1,528
Short-term accounts receivable, net 7 89,004 83,734
Banking: Loans to customers 8 32,342 22,492
Other short-term financial assets 9 108,162 44,314
Inventories 10 81,062 44,988
Prepaid expenses and other current assets 11 32,278 20,075
Prepaid income tax 763 995
Banking: Non-current assets held for sale 715 764
Total current assets 412,242 258,995
Long-term accounts receivable, net 7 918 1,484
Banking: Loans to customers 8 102,360 79,163
Other long-term financial assets 9 81,084 70,605
Investments in associates and joint ventures 2,125 2,122
Property, plant and equipment, net 12 879,782 826,569
Right-of-use assets 13 11,897 12,185
Deferred income tax assets 14 3,333 2,218
Other long-term assets 8,548 10,100
Total non-current assets 1,090,047 1,004,446
Total assets 1,502,289 1,263,441
Liabilities and shareholders’ equity
Short-term debt and current portion of long-term debt 15 22,541 10,961
Accounts payable and accrued liabilities 16 101,270 83,893
Dividends payable 20 22,984 823
Banking: Due to banks and the Bank of Russia 17 23,553 13,659
Banking: Customer accounts 18 150,141 146,753
Banking: Other financial liabilities at fair value through profit or loss 7,063 1,764
Taxes payable, other than income tax 14 89,705 30,401
Income tax payable 4,443 2,905
Other short-term liabilities 414 352
Total current liabilities 422,114 291,511
Long-term debt, net of current portion 15 9,631 23,652
Banking: Due to banks and the Bank of Russia 17 4,026 1,551
Banking: Customer accounts 18 1,288 1,872
Decommissioning provision, net of current portion 12 38,653 55,372
Lease liabilities, net of current portion 13 10,324 10,679
Deferred income tax liability 14 43,073 33,343
Other long-term liabilities 19 29,805 13,871
Total non-current liabilities 136,800 140,340
Total liabilities 558,914 431,851
Shareholders’ equity
Preferred shares (authorised, issued and paid as at 31 December 2021 and at
31 December 2020 – 147,508,500 shares; nominal value – RR 1.00)
20 746 746
Ordinary shares (authorised, issued and paid as at 31 December 2021 and at
31 December 2020 – 2,178,690,700 shares; nominal value – RR 1.00)
20 11,021 11,021
Additional paid-in capital 84,437 84,437
Accumulated other comprehensive income 2,345 2,186
Retained earnings 850,198 739,641
Less: Ordinary shares held in treasury, at cost
(75,636,735 shares at 31 December 2021 and 2020)
(10,359) (10,359)
Total Group shareholders’ equity
29
938,388 827,672
Non-controlling interest 27
4,987 3,918
Total shareholders’ equity 943,375 831,590
Total liabilities and equity 1,502,289 1,263,441
Approved for issue and signed on behalf of the Board of Directors on ________________________ 2022.
______________________________ _____________________________
CEO Maganov N.U. Chief Accountant Matveev O.M.

TATNEFT
Consolidated
Statement of Profit or Loss and Other Comprehensive Income
(In million of Russian Rubles)
The accompanying notes are an integral part of these consolidated financial statements.
2
Note
Year ended
31 December 2021
Year ended
31 December 2020
(restated)*
Revenue on non-banking activities
3,24
1,265,380 795,815
Costs and other deductions on non-banking activities
Operating expenses (180,897) (146,088)
Purchased crude oil and refined products (125,834) (89,340)
Exploration (2,799) (2,515)
Transportation (35,854) (35,453)
Selling, general and administrative (73,203) (60,066)
Depreciation, depletion and amortization 12,13,24 (42,663) (40,865)
Expected credit losses on financial assets net of reversal 7,9 (78) (756)
Impairment losses on property, plant and equipment and other non-
financial assets net of reversal 12 (3,576) (6,677)
Taxes other than income taxes 3,14 (498,143) (235,701)
Export duties 3 (39,033) (24,976)
Maintenance of social infrastructure and transfer of social assets 12 (13,130) (10,890)
Total costs and other deductions on non-banking activities (1,015,210) (653,327)
Loss on disposals of interests in subsidiaries and associates, net (14) (54)
Fair value gain/(losses) from financial assets at fair value through
profit or loss, net 9 3,382 (5,180)
Other operating income, net 3,264 836
Operating profit on non-banking activities 256,802 138,090
Net interest, fee and commission and other operating
income/(expenses) and gains/(losses) on banking activities
Interest, fee and commission income 23,24 16,448 18,086
Interest, fee and commission expense 23 (8,229) (9,611)
Net income/(expense) on recovery/creating provision for credit losses
associated with debt financial assets 8 543 (3,629)
Operating expenses (8,335) (8,438)
Gain arising from dealing in foreign currencies, net 8 96
Other operating (expense)/income, net (75) 68
Total net interest, fee and commission and other operating
income/(expenses) and gains/(losses) on banking activities 360 (3,428)
Other income/(expenses)
Foreign exchange gain, net 29 2,475 5,597
Interest income on non-banking activities 22 3,962 4,428
Interest expense on non-banking activities, net of amounts capitalised 22 (6,304) (7,384)
Share of results of associates and joint ventures, net 11 (258)
Total other income, net 144 2,383
Profit before income tax 257,306 137,045
Income tax
Current income tax expense (50,670) (35,820)
Deferred income tax (expense)/benefit (7,750) 1,348
Total income tax expense
14
(58,420) (34,472)
Profit for the period 198,886 102,573

TATNEFT
Consolidated
Statement of Profit or Loss and Other Comprehensive Income
(In million of Russian Rubles)
The accompanying notes are an integral part of these consolidated financial statements.
3
Note
Year ended
31 December 2021
Year ended
31 December 2020
(restated)*
Other comprehensive (loss)/ income net of income tax:
Items that may be
reclassified subsequently to profit or loss:
Foreign currency translation adjustments (847) 2,099
Loss on debt financial assets at fair value through other comprehensive
income, net (957) (224)
Items that will not be reclassified to profit or loss:
Gain/(loss) on equity financial assets at fair value through other
comprehensive income, net 255 (247)
Actuarial gain/(loss) on employee benefit plans 1,536 (597)
Other comprehensive (loss)/income (13) 1,031
Total comprehensive income for the period 198,873 103,604
Profit/(loss) attributable to:
- Group shareholders 198,412 103,490
- Non-controlling interest 474 (917)
198,886 102,573
Total comprehensive income/(loss) attributable to:
- Group shareholders 198,571 104,603
- Non-controlling interest 302 (999)
198,873 103,604
Basic and diluted earnings per share (RR)
Ordinary 20 88.16 45.92
Preferred 88.16 46.92
Weighted average shares outstanding (millions of shares)
Ordinary 20 2,103 2,103
Preferred 148 148
* Certain amounts have been restated to conform to current year presentation (Note 3).

TATNEFT
Consolidated Statement of Change in Equity
(In million of Russian Rubles)
The accompanying notes are an integral part of these consolidated financial statements.
4
Attributable to Group shareholders
Non-con-
trolling
interest
Total
equity
Number of
shares
(
thousands)
Share
capital
Additional
paid-in
capital
Treasury
shares
Actuarial
(loss)/gain
on employee
benefit
plans
Foreign
currency
translation
adjustments
Gain/(loss) on
financial
assets at fair
value through
other compre-
hensive
income, net
Retained
earnings
Total
shareholders’
equity
Balance at 1 January 2020 2,250,562 11,767 84,437 (10,359) (1,914) 1,092
1,895
658,614 745,532 6,598 752,130
Profit/(loss) for the year - - - - - -
-
103,490 103,490 (917) 102,573
Other comprehensive (loss)/income for
the year - - - - (597) 2,099 (389) - 1,113 (82) 1,031
Total comprehensive (loss)/income for
the year - - - - (597) 2,099 (389) 103,490 104,603 (999) 103,604
Acquisition of non-controlling interest in
subsidiaries - - - - - - - - - (56) (56)
Dividends declared (Note 20) - - - - - - - (22,518) (22,518) (1) (22,519)
Subsidiary’s shares requested for the
redemption (Note 16) - - - - - - - 55 55 (1,624) (1,569)
Balance at 31 December 2020 2,250,562 11,767 84,437 (10,359) (2,511) 3,191 1,506 739,641 827,672 3,918 831,590
Balance at 1 January 2021 2,250,562 11,767 84,437 (10,359) (2,511) 3,191 1,506 739,641 827,672 3,918 831,590
Profit for the year - - - - - - - 198,412 198,412 474 198,886
Other comprehensive income/(loss) for
the year - - - - 1,536 (847) (530) - 159 (172) (13)
Total comprehensive income/(loss) for
the year - - - - 1,536 (847) (530) 198,412 198,571 302 198,873
Acquisition of non-controlling interest in
subsidiaries - - - - - - - - - 321 321
Disposal of non-controlling interests in
subsidiaries - - - - - - - - - (40) (40)
Dividends declared (Note 20) - - - - - - - (87,322) (87,322) (47) (87,369)
Intercompany transactions on the
purchase and sale of loans (Note 20) - - - - - - - (533) (533) 533 -
Balance at 31 December 2021 2,250,562 11,767 84,437 (10,359) (975) 2,344 976 850,198 938,388 4,987 943,375

TATNEFT
Consolidated Statement of Cash Flows
(In million of Russian Rubles)
The accompanying notes are an integral part of these consolidated financial statements.
5
Note
Year ended
31 December 2021
Year ended
31 December 2020
Operating activities
Profit for the year 198,886 102,573
Adjustments:
Net interest, fee and commission and other operating
(income)/ expenses and (gains)/ losses on banking activities (360) 3,428
Depreciation, depletion and amortization 12,13,24 42,663 40,865
Income tax expense 14 58,420 34,472
Impairment losses on financial assets net of reversal 7,9 78 756
Impairment losses on property, plant and equipment and
other non-financial assets net of reversal 12 3,576 6,677
Loss on disposals of interests in subsidiaries and associates,
net 14 54
(Gain)/losses from changes in the fair value of financial
assets measured at fair value through profit or loss, net 9 (3,382) 5,180
Effects of foreign exchange (268) 989
Share of results of associates and joint ventures, net (11) 258
Interest income on non-banking activities 22 (3,962) (4,428)
Interest expense on non-banking activities, net of amounts
capitalised 22 6,304 7,384
Other 1,529 3,139
Changes in operational working capital related to operating
activities, excluding cash:
Accounts receivable (4,559) (26)
Inventories (32,467) 8,302
Prepaid expenses and other current assets (10,748) 695
Securities at fair value through profit or loss (49) 2
Accounts payable and accrued liabilities 15,114 22,462
Taxes payable, other than income tax 58,441 (7,064)
Net cash provided by non-banking operating activities
before income tax and interest 329,219 225,718
Net interest, fee and commission and other operating
income/(expenses) and gains/(losses) on banking activities 360 (3,428)
Adjustments:
Net expense on creating provision for credit losses associated
with debt financial assets 8 (543) 3,629
(Reversal of provision)/provision for losses on credit related
commitments (186) 100
Change in fair value of debt financial assets through profit or
loss 234 201
Other 1,006 4,664
Changes in operational working capital on banking activities,
excluding cash:
Mandatory reserve deposits with the Bank of Russia 99 44
Due from banks (1,334) 5,180
Banking loans to customers (36,841) 21,713
Due to banks and the Bank of Russia 12,007 (9,866)
Banking customers accounts 3,391 (17,038)
Debt securities issued (43) (333)
Securities at fair value through profit or loss 2,316 1,178
Other financial liabilities at fair value through profit or loss 5,299 (2,687)
Net cash (used)/ provided by banking operating activities
before income tax (14,235) 3,357
Income taxes paid (48,900) (29,670)
Interest paid on non-banking activities (2,434) (3,348)
Interest received on non-banking activities 3,844 4,309
Net cash provided by operating activities 267,494 200,366

TATNEFT
Consolidated Statement of Cash Flows
(In million of Russian Rubles)
The accompanying notes are an integral part of these consolidated financial statements.
6
Note
Year ended
31 December 2021
Year ended
31 December 2020
Investing activities
Additions to property, plant and equipment (119,106) (104,668)
Proceeds from disposal of property, plant and equipment 1,593 767
Acquisition and increase of interest in associate (12) (1,940)
Net cash flow from acquisitions of subsidiaries 28 (6,589) -
Purchase of securities at fair value through other comprehensive
income (35,424) (39,938)
Purchase of securities at amortised cost (5,018) (14,752)
Proceeds from disposal of securities at fair value through other
comprehensive income 25,830 39,072
Proceeds from redemption of securities at amortised cost 12,368 5,819
Proceeds from sale of non-current assets held for sale 316 242
Proceeds from investments in associates and joint ventures 7 1
Proceeds from redemption of bank deposits measured at amortised
cost 40,364 674
Placement of bank deposits measured at amortised cost (86,083) (10,016)
Proceeds from redemption of bank deposits measured at fair value
through profit or loss 30,480 -
Placement of bank deposits measured at fair value through profit
or loss (62,295) -
Proceeds from redemption of loans and notes receivable 9 9,164 21,211
Issuance of loans and notes receivable 9 (598) (1,270)
Net cash flow from currency swaps 1,904 -
Proceeds from sale/(purchase) of other non-current assets 4,658 (489)
Proceeds from government grants 19 15,803 5,090
Net cash used in investing activities (172,638) (100,197)
Financing activities
Proceeds from issuance of debt from non-banking activities 29 9,338 218,758
Repayment of debt from non-banking activities 29 (9,689) (225,083)
Repayment of principal portion of lease liabilities (1,440) (1,419)
Issuance of bonds 29 50 3,198
Redemption of bonds 29 (1,713) (3,029)
Repayment of subordinated debt - (1,545)
Dividends paid to shareholders 20 (64,804) (77,560)
Dividends paid to non-controlling shareholders 20 (47) (1)
Net cash used in financing activities (68,305) (86,681)
Net change in cash and cash equivalents 26,551 13,488
Effect of foreign exchange on cash and cash equivalents (169) 1,460
Cash and cash equivalents at the beginning of the year
6
40,105 25,157
Cash and cash equivalents at the end of the period
6
66,487 40,105

TATNEFT
Notes to the Consolidated Financial Statements
(In million of Russian Rubles)
7
Note 1: Organisation
PJSC Tatneft (the “Company”) and its controlled subsidiaries (jointly referred to as the “Group”) are engaged in
crude oil exploration, development and production principally in the Republic of Tatarstan (“Tatarstan”), a republic
within the Russian Federation. The Group also engages in refining of crude oil and associated petroleum gas
processing, marketing of crude oil and refined products as well as production and marketing of tires and banking
activities (Note 27).
The Company was incorporated as an open joint stock company (now referred to as a public joint stock company)
effective in January 1994 pursuant to the approval of the State Property Management Committee of the Republic of
Tatarstan in accordance with Decree of the President of the Russian Federation No. 1403 on Privatization and
Restructuring of Enterprises and Corporations into Joint-Stock Companies.
The Company does not have an ultimate controlling party.
As at 31 December 2021 and 2020 the government of Tatarstan controls about 36% of the Company’s voting stock.
Tatarstan also holds a “Golden Share”, a special governmental right, in the Company (Note 20). The Tatarstan
government also controls or exercises significant influence over a number of the Group’s suppliers and contractors.
The Company is domiciled in the Russian Federation. The address of its registered office is Lenina St., 75,
Almetyevsk, Republic of Tatarstan, Russian Federation.
Note 2: Basis of preparation
The accompanying consolidated financial statements have been prepared in accordance with International Financial
Reporting Standards (“IFRS”).
These consolidated financial statements have been prepared on a historical cost basis, except for initial recognition
of financial instruments based on fair value, revaluation of financial instruments categorised at fair value through
profit or loss (“FVTPL”) and at fair value through other comprehensive income (“FVOCI”).
The entities of the Group maintain their accounting records and prepare their statutory financial statements
principally in accordance with the Regulations and Federal standards on Accounting and Reporting of the Russian
Federation (“RAR”), and applicable accounting and reporting standards of countries outside the Russian Federation.
A number of entities of the Group prepare their financial statements in accordance with IFRS. The accompanying
consolidated financial statements have been prepared from these accounting records and adjusted as necessary to
comply with IFRS.
The preparation of financial statements in conformity with IFRS requires the use of certain critical accounting
estimates. It also requires management to exercise its judgement in the process of applying the Group’s accounting
policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates
are significant to the consolidated financial statements are disclosed in Note 4.
Note 3: Summary of significant accounting policies
The key accounting policies used in preparing these consolidated financial statements are presented below. These
principles have been applied consistently to all periods presented in the statements.
Functional and presentation currency. The presentation currency of the Group is the Russian Ruble.
Management has determined the functional currency for the Company and each consolidated subsidiary of the
Group, except for subsidiaries located outside of the Russian Federation, is the Russian Ruble because the majority
of Group revenues, costs, property and equipment purchased, debt and trade liabilities are either priced, incurred,
payable or otherwise measured in Russian Rubles. Accordingly, transactions and balances not measured in Russian
Rubles (primarily US Dollars) have been re-measured into Russian Rubles in accordance with the relevant
provisions of IAS 21 “The Effects of Changes in Foreign Exchange Rates”.
For operations of major subsidiaries located outside of the Russian Federation, that primarily use US Dollar as the
functional currency, adjustments resulting from translating foreign functional currency assets and liabilities into
Russian Rubles are recorded in other comprehensive income. Revenues, expenses and cash flows are translated at
average exchange rates of the relevant period (unless this average is not a reasonable approximation of the
cumulative effect of the rates prevailing on the transaction dates, in which case income and expenses are translated
at the rate on the dates of the transactions).
The official rates of exchange, as published by the Central Bank of the Russian Federation (“the Bank of Russia”),
of the Russian Ruble (“RR”) to the US Dollar (“US $”) at 31 December 2021 and 31 December 2020 were RR 74.29
and RR 73.88 to US $, respectively. Average rates of exchange for the years ended 31 December 2021 and 31
December 2020 were RR 73.65 and RR 72.15 per US $, respectively.

TATNEFT
Notes to the Consolidated Financial Statements
(In million of Russian Rubles)
8
Note 3: Summary of significant accounting policies (continued)
Consolidation. Subsidiaries are all entities over which the Group has control. The Group controls an entity when
the Group has the power to direct relevant activities of the investee that significantly affect their returns, exposed to,
or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns
through its power over the entity. Subsidiaries are fully consolidated from the date on which control is transferred
to the Group. They are deconsolidated from the date that control ceases.
The Group uses the acquisition method of accounting to account for business combinations. The consideration
transferred for the acquisition of a subsidiary is the fair values of the assets transferred, the liabilities incurred and
the equity interests issued by the Group. The consideration transferred includes the fair value of any asset or liability
resulting from a contingent consideration arrangement. Acquisition-related costs are expensed as incurred.
Identifiable acquired assets and liabilities and contingent liabilities assumed in a business combination are measured
initially at their fair values at the acquisition date. The Group recognises any non-controlling interest in the acquiree
on an acquisition-by-acquisition basis at the non-controlling interest’s proportionate share of the acquiree’s net assets
or at fair value.
The excess of the consideration transferred, the amount of any non-controlling interest in the acquiree and the
acquisition-date fair value of any previous equity interest in the acquiree over the fair value of the identifiable net
assets acquired is recorded within other non-current assets as goodwill. If the total of consideration transferred, non-
controlling interest recognised and previously held interest measured is less than the fair value of the net assets of
the subsidiary, the difference is recognised directly in the profit or loss for the year.
Inter-company transactions, balances and unrealised gains and losses on transactions between Group companies are
eliminated. Unrealised losses are also eliminated unless the cost cannot be recovered.
Associates and joint ventures. Associates and joint ventures are entities over which the Group has significant
influence (directly or indirectly), but not control, generally accompanying a shareholding of between 20 and 50
percent of the voting rights. Investments in associates and joint ventures are accounted for using the equity method
of accounting and are initially recognised at cost. Dividends received from associates and joint ventures reduce the
carrying value of the investment in associates and joint ventures. Other post-acquisition changes in Group’s share
of net assets of an associate and joint ventures are recognised as follows: (i) the Group’s share of profits or losses of
associates or joint ventures is recorded in the consolidated profit or loss for the year as share of result of associates
or joint ventures, (ii) the Group’s share of other comprehensive income is recognised in other comprehensive income
and presented separately, (iii) all other changes in the Group’s share of the carrying value of net assets of associates
or joint ventures are recognised in profit or loss within the share of result of associates or joint ventures.
However, when the Group’s share of losses in an associate or joint venture equals or exceeds its interest in the
associate or joint venture, including any other unsecured receivables, the Group does not recognise further losses,
unless it has incurred obligations or made payments on behalf of the associate or joint venture.
Unrealised gains on transactions between the Group and its associates and joint ventures are eliminated to the extent
of the Group’s interest in the associates and joint ventures; unrealised losses are also eliminated unless the transaction
provides evidence of an impairment of the asset transferred.
The Group reviews equity method investments for impairment on an annual basis, and records impairment when
circumstances indicate that the carrying value exceeds the recoverable amount.
Financial instruments – key measurement terms. Results of fair value is the price that would be received to sell
an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.
The best evidence of fair value is the price in an active market. An active market is one in which transactions for the
asset or liability take place with sufficient frequency and volume to provide pricing information on an ongoing basis.
Fair value of financial instruments traded in an active market is measured as the product of the quoted price for the
individual asset or liability and the number of instruments held by the Group. This is the case even if a market’s
normal daily trading volume is not sufficient to absorb the quantity held and placing orders to sell the position in a
single transaction might affect the quoted price.
Valuation techniques such as discounted cash flow models or models based on recent arm’s length transactions or
consideration of financial data of the investees are used to measure fair value of certain financial instruments for
which external market pricing information is not available.
Fair value measurements are analysed by level in the fair value hierarchy as follows: (i) level one are measurements
at quoted prices (unadjusted) in active markets for identical assets or liabilities, (ii) level two measurements are
valuations techniques with all material inputs observable for the asset or liability, either directly (that is, as prices)
or indirectly (that is, derived from prices), and (iii) level three measurements are valuations not based on solely
observable market data (that is, the measurement requires significant unobservable inputs). Transfers between levels
of the fair value hierarchy are deemed to have occurred at the end of the reporting period. Refer to Note 29.

TATNEFT
Notes to the Consolidated Financial Statements
(In million of Russian Rubles)
9
Note 3: Summary of significant accounting policies (continued)
Transaction costs are incremental costs that are directly attributable to the acquisition, issue or disposal of a financial
instrument. An incremental cost is one that would not have been incurred if the transaction had not taken place.
Transaction costs include fees and commissions paid to agents (including employees acting as selling agents),
advisors, brokers and dealers, levies by regulatory agencies and securities exchanges, and transfer taxes and duties.
Transaction costs do not include debt premiums or discounts, financing costs or internal administrative or holding
costs.
Amortised cost (“AC”) is the amount at which the financial instrument was recognised at initial recognition less any
principal repayments, plus accrued interest, and for financial assets less any allowance for expected credit losses
(“ECL”). Accrued interest includes amortisation of transaction costs deferred at initial recognition and of any
premium or discount to the maturity amount using the effective interest rate method. Accrued interest income and
accrued interest expense, including both accrued coupon and amortised discount or premium (including fees deferred
at origination, if any), are not presented separately and are included in the carrying values of the related items in the
consolidated statement of financial position.
The effective interest rate method is a method of allocating interest income or interest expense over the relevant
period, so as to achieve a constant periodic rate of interest (effective interest rate) on the carrying amount. The
effective interest rate is the rate that exactly discounts estimated future cash payments or receipts (excluding future
credit losses) through the expected life of the financial instrument or a shorter period, if appropriate, to the gross
carrying amount of the financial instrument.
The effective interest rate discounts cash flows of variable interest instruments to the next interest repricing date,
except for the premium or discount which reflects the credit spread over the floating rate specified in the instrument,
or other variables that are not reset to market rates. Such premiums or discounts are amortised over the whole
expected life of the instrument. The present value calculation includes all fees paid or received between parties to
the contract that are an integral part of the effective interest rate. For assets that are purchased or originated credit
impaired (“POCI”) at initial recognition, the effective interest rate is adjusted for credit risk, i.e. it is calculated based
on the expected cash flows on initial recognition instead of contractual payments.
Financial instruments – initial recognition. Financial instruments at FVTPL are initially recorded at fair value.
All other financial instruments are initially recorded at fair value adjusted for transaction costs. Fair value at initial
recognition is best evidenced by the transaction price. A gain or loss on initial recognition is only recorded if there
is a difference between fair value and transaction price which can be evidenced by other observable current market
transactions in the same instrument or by a valuation technique whose inputs include only data from observable
markets. After the initial recognition, an ECL allowance is recognised for financial assets measured at AC and
investments in debt instruments measured at FVOCI, resulting in an immediate accounting loss.
Purchases and sales of financial assets that require delivery within the time frame established by regulation or market
convention (“regular way” purchases and sales) are recorded at trade date, which is the date on which the Group
commits to deliver a financial asset. All other purchases are recognised when the entity becomes a party to the
contractual provisions of the instrument.
Financial assets – classification and subsequent measurement – measurement categories. The Group classifies
financial assets in the following measurement categories: FVTPL, FVOCI and AC. The classification and
subsequent measurement of debt financial assets depends on: (i) the Group’s business model for managing the
related assets portfolio and (ii) the cash flow characteristics of the asset.
Financial assets – classification and subsequent measurement – business model. The business model reflects
how the Group manages the assets in order to generate cash flows – whether the Group’s objective is: (i) solely to
collect the contractual cash flows from the assets (“hold to co
llect contractual cash flows”,) or (ii) to collect both the
contractual cash flows and the cash flows arising from the sale of assets (“hold to collect contractual cash flows and
sell”) or, if neither of (i) and (ii) is applicable, the financial assets are classified as part of “other” business model
and measured at FVTPL.
Business model is determined for a group of assets (on a portfolio level) based on all relevant evidence about the
activities that the Group undertakes to achieve the objective set out for the portfolio available at the date of the
assessment. Factors considered by the Group in determining the business model include the purpose and composition
of a portfolio, past experience on how the cash flows for the respective assets were collected, how risks are assessed
and managed, how the assets’ performance is assessed and how managers are compensated. Refer to Note 4 for
critical judgements applied by the Group in determining the business models for its financial assets.

TATNEFT
Notes to the Consolidated Financial Statements
(In million of Russian Rubles)
10
Note 3: Summary of significant accounting policies (continued)
Financial assets – classification and subsequent measurement – cash flow characteristics. Where the business
model is to hold assets to collect contractual cash flows or to hold contractual cash flows and sell, the Group assesses
whether the cash flows represent solely payments of principal and interest (“SPPI”). Financial assets with embedded
derivatives are considered in their entirety when determining whether their cash flows are consistent with the SPPI
feature. In making this assessment, the Group considers whether the contractual cash flows are consistent with a
basic lending arrangement, i.e. interest includes only consideration for credit risk, time value of money, other basic
lending risks and profit margin.
Where the contractual terms introduce exposure to risk or volatility that is inconsistent with a basic lending
arrangement, the financial asset is classified and measured at FVTPL. The SPPI assessment is performed on initial
recognition of an asset and it is not subsequently reassessed. Refer to Note 4 for critical judgements applied by the
Group in performing the SPPI test for its financial assets.
Financial assets – reclassification. Financial instruments are reclassified only when the business model for
managing the portfolio as a whole changes. The reclassification has a prospective effect and takes place from the
beginning of the first reporting period that follows after the change in the business model. The Group did not change
its business model during the current and comparative period and did not make any reclassifications.
Financial assets impairment – credit loss allowance for ECL. The Group assesses, on a forward-looking basis,
the ECL for debt instruments measured at AC and FVOCI and for the exposures arising from loan commitments
and financial guarantee contracts, for contract assets. The Group measures ECL and recognises Net impairment
losses on financial and contract assets at each reporting date. The measurement of ECL reflects: (i) an unbiased and
probability weighted amount that is determined by evaluating a range of possible outcomes, (ii) time value of money
and (iii) all reasonable and supportable information that is available without undue cost and effort at the end of each
reporting period about past events, current conditions and forecasts of future conditions.
Debt instruments measured at AC and contract assets are presented in the consolidated statement of financial position
net of the allowance for ECL. For loan commitments a separate provision for ECL is recognised as a liability in the
consolidated statement of financial position. For debt instruments at FVOCI, changes in amortised cost, net of
allowance for ECL, are recognised in profit or loss and other changes in carrying value are recognised in OCI as
gains less losses on debt instruments at FVOCI.
The Group applies a three stage model for impairment, based on changes in credit quality since initial recognition.
A financial instrument that is not credit-impaired on initial recognition is classified in Stage 1. Financial assets in
Stage 1 have their ECL measured at an amount equal to the portion of lifetime ECL that results from default events
possible within the next 12 months or until contractual maturity, if shorter (“12 Months ECL”). If the Group
identifies a significant increase in credit risk (“SICR”) since initial recognition, the asset is transferred to Stage 2
and its ECL is measured based on ECL on a lifetime basis, that is, up until contractual maturity but considering
expected prepayments, if any (“Lifetime ECL”). Refer to Note 29 for a description of how the Group determines
when a SICR has occurred. If the Group determines that a financial asset is credit-impaired, the asset is transferred
to Stage 3 and its ECL is measured as a Lifetime ECL. The Group’s definition of credit impaired assets and definition
of default is explained in Note 29. For financial assets that are purchased or originated credit-impaired (“POCI
Assets”), the ECL is always measured as a Lifetime ECL. Note 29 provides information about inputs, assumptions
and estimation techniques used in measuring ECL.
The Group applies the IFRS 9 simplified approach for measuring expected credit losses which uses a lifetime
expected loss allowance for all trade and other receivables. To measure the expected credit losses, trade and other
receivables have been grouped based on shared credit risk characteristics and the days past due. The Group calculates
expected credit losses on trade receivables based on historical
data assuming reasonable approximation of current
losses rates adjusted on forward-looking information.
Financial assets – write-off. Financial assets are written-off, in whole or in part, when the Group exhausted all
practical recovery efforts and has concluded that there is no reasonable expectation of recovery. The write-off
represents a derecognition event. The Group may write-off financial assets that are still subject to enforcement
activity when the Group seeks to recover amounts that are contractually due, however, there is no reasonable
expectation of recovery.
Financial assets – derecognition. The Group derecognises financial assets when (a) the assets are redeemed or the
rights to cash flows from the assets otherwise expire or (b) the Group has transferred the rights to the cash flows
from the financial assets or entered into a qualifying pass-through arrangement whilst (i) also transferring
substantially all the risks and rewards of ownership of the assets or (ii) neither transferring nor retaining substantially
all the risks and rewards of ownership but not retaining control.
Control is retained if the counterparty does not have the practical ability to sell the asset in its entirety to an unrelated
third party without needing to impose additional restrictions on the sale.

TATNEFT
Notes to the Consolidated Financial Statements
(In million of Russian Rubles)
11
Note 3: Summary of significant accounting policies (continued)
Financial assets – modification. The Group sometimes renegotiates or otherwise modifies the contractual terms of
the financial assets. The Group assesses whether the modification of contractual cash flows is substantial
considering, among other, the following factors: any new contractual terms that substantially affect the risk profile
of the asset (e.g. profit share or equity-based return), significant change in interest rate, change in the currency
denomination, new collateral or credit enhancement that significantly affects the credit risk associated with the asset
or a significant extension of a loan when the borrower is not in financial difficulties.
If the modified terms are substantially different, the rights to cash flows from the original asset expire and the Group
derecognises the original financial asset and recognises a new asset at its fair value. The date of renegotiation is
considered to be the date of initial recognition for subsequent impairment calculation purposes, including
determining whether a SICR has occurred. The Group also assesses whether the new loan or debt instrument meets
the SPPI criterion. Any difference between the carrying amount of the original asset derecognised and fair value of
the new substantially modified asset is recognised in profit or loss, unless the substance of the difference is attributed
to a capital transaction with owners.
In a situation where the renegotiation was driven by financial difficulties of the counterparty and inability to make
the originally agreed payments, the Group compares the original and revised expected cash flows to assets whether
the risks and rewards of the asset are substantially different as a result of the contractual modification. If the risks
and rewards do not change, the modified asset is not substantially different from the original asset and the
modification does not result in derecognition. The Group recalculates the gross carrying amount by discounting the
modified contractual cash flows by the original effective interest rate (or credit-adjusted effective interest rate for
POCI financial assets), and recognises a modification gain or loss in profit or loss.
Presentation of cash flows on deposits at fair value through profit or loss in the consolidated statement of cash
flows. Placements and proceeds from redemption of bank deposits at fair value through profit or loss mature less
than three months are presented in the consolidated statement of cash flows on a net basis. Placements and proceeds
from redemption of bank deposits at fair value through profit or loss mature more than three months are presented
in the consolidated statement of cash flows separately in gross amounts.
Presentation of cash flows from currency swap in the consolidated statement of cash flows. Cash flows from
currency swap transactions are presented in the consolidated statement of cash flows on a net basis.
Financial liabilities – measurement categories. Financial liabilities are classified as subsequently measured at AC,
except for (i) financial liabilities at FVTPL: this classification is applied to derivatives, financial liabilities held for
trading (e.g. short positions in securities), contingent consideration recognised by an acquirer in a business
combination and other financial liabilities designated as such at initial recognition and (ii) financial guarantee
contracts and loan commitments.
Financial liabilities – derecognition. Financial liabilities are derecognised when they are extinguished (i.e. when
the obligation specified in the contract is discharged, cancelled or expires).
An exchange between the Group and its original lenders of debt instruments with substantially different terms, as
well as substantial modifications of the terms and conditions of existing financial liabilities, are accounted for as an
extinguishment of the original financial liability and the recognition of a new financial liability. The terms are
substantially different if the discounted present value of the cash flows under the new terms, including any fees paid
net of any fees received and discounted using the original effective interest rate, is at least 10% different from the
discounted present value of the remaining cash flows of the original financial liability. In addition, other qualitative
factors, such as the currency that the instrument is denominated in, changes in the type of interest rate, new
conversion features attached to the instrument and change in loan covenants are also considered. If an exchange of
debt instruments or modification of terms is accounted for as an extinguishment, any costs or fees incurred are
recognised as part of the gain or loss on the extinguishment. I
f the exchange or modification is not accounted for as
an extinguishment, any costs or fees incurred adjust the carrying amount of the liability and are amortised over the
remaining term of the modified liability.
Modifications of liabilities that do not result in extinguishment are accounted for as a change in estimate using a
cumulative catch up method, with any gain or loss recognised in profit or loss, unless the economic substance of the
difference in carrying values is attributed to a capital transaction with owners.
Financial liabilities designated at FVTPL. The Group may designate certain liabilities at FVTPL at initial
recognition. Gains and losses on such liabilities are presented in profit or loss except for the amount of change in
the fair value that is attributable to changes in the credit risk of that liability (determined as the amount that is not
attributable to changes in market conditions that give rise to market risk), which is recorded in OCI and is not
subsequently reclassified to profit or loss. This is unless such a presentation would create, or enlarge, an accounting
mismatch, in which case the gains and losses attributable to changes in credit risk of the liability are also presented
in profit or loss.

TATNEFT
Notes to the Consolidated Financial Statements
(In million of Russian Rubles)
12
Note 3: Summary of significant accounting policies (continued)
Offsetting financial instruments. Financial assets and liabilities are offset and the net amount reported in the
statement of financial position only when there is a legally enforceable right to offset the recognised amounts, and
there is an intention to either settle on a net basis, or to realise the asset and settle the liability simultaneously. Such
a right of set off (a) must not be contingent on a future event and (b) must be legally enforceable in all of the
following circumstances: (i) in the normal course of business, (ii) in the event of default and (iii) in the event of
insolvency or bankruptcy.
Cash and cash equivalents. Cash represents cash on hand and in bank accounts and the Bank of Russia, other than
mandatory reserves deposits with the Bank of Russia, which can be effectively withdrawn at any time without prior
notice. Cash equivalents include highly liquid short-term investments that can be converted to a certain cash amount
and mature within three months or less from the date of purchase. Cash and cash equivalents are carried at AC
because: (i) they are held for collection of contractual cash flows and those cash flows represent SPPI, and (ii) they
are not designated at FVTPL. Features mandated solely by legislation, such as the bail-in legislation in certain
countries, do not have an impact on the SPPI test, unless they are included in contractual terms such that the feature
would apply even if the legislation is subsequently changed.
Mandatory reserve deposits with the Bank of Russia. Mandatory cash balances with the Bank of Russia are
carried at AC and represent non-interest bearing mandatory reserve deposits, which are not available to finance the
Group’s day to day operations, and hence are not considered as part of cash and cash equivalents for the purposes
of the consolidated statement of cash flows.
Due from banks. Amounts due from banks other than those that are part of the Group are recorded when the Group
advances money to counterparty banks due on fixed or determinable dates. Amounts due from other banks are carried
at AC when: (i) they are held for the purposes of collecting contractual cash flows and those cash flows represent
SPPI, and (ii) they are not designated at FVTPL. Due from banks that mature within three months or less from the
date of placement are included in cash and cash equivalents.
Investments in debt securities. Based on the business model and the cash flow characteristics, the Group classifies
investments in debt securities as carried at AC, FVOCI or FVTPL. Debt securities are carried at AC if they are held
for collection of contractual cash flows and where those cash flows represent SPPI, and if they are not voluntarily
designated at FVTPL in order to significantly reduce an accounting mismatch. Debt securities are carried at FVOCI
if they are held for collection of contractual cash flows and for selling, where those cash flows represent SPPI, and
if they are not designated at FVTPL.
Interest income from these assets is calculated using the effective interest rate method and recognised in profit or
loss. An impairment allowance estimated using the expected credit loss model is recognised in profit or loss for the
year. All other changes in the carrying value are recognised in OCI. When the debt security is derecognised, the
cumulative gain or loss previously recognised in OCI is reclassified from OCI to profit or loss.
Investments in debt securities are carried at FVTPL if they do not meet the criteria for AC or FVOCI. The Group
may also irrevocably designate investments in debt securities at FVTPL on initial recognition if applying this option
significantly reduces an accounting mismatch between financial assets and liabilities being recognised or measured
on different accounting bases.
Investments in equity securities. Financial assets that meet the definition of equity from the issuer’s perspective,
i.e. instruments that do not contain a contractual obligation to pay cash and that evidence a residual interest in the
issuer’s net assets, are considered as investments in equity se
curities by the Group. Investments in equity securities
are measured at FVTPL, except where the Group elects at initial recognition to irrevocably designate an equity
investments at FVOCI. The Group’s policy is to designate equity investments as FVOCI when those investments
are held for strategic purposes other than solely to generate investment returns. When the FVOCI election is used,
fair value gains and losses are recognised in OCI and are not subsequently reclassified to profit or loss, including on
disposal. Impairment losses and their reversals, if any, are not measured separately from other changes in fair value.
Dividends continue to be recognised in profit or loss when the Group’s right to receive payments is established
except when they represent a recovery of an investment rather than a return on such investment.
Loans and advances to customers. Loans and advances to customers are recorded when the Group advances money
to purchase or originate a loan due from a customer. Based on the business model and the cash flow characteristics,
the Group classifies loans and advances to customers into one of the following measurement categories: (i) AC:
loans that are held for collection of contractual cash flows and those cash flows represent SPPI and loans that are
not voluntarily designated at FVTPL, and (ii) FVTPL: loans that do not meet the SPPI test or other criteria for AC
are measured at FVTPL.
Note 29 provides information about inputs, assumptions and estimation techniques used in measuring ECL.

TATNEFT
Notes to the Consolidated Financial Statements
(In million of Russian Rubles)
13
Note 3: Summary of significant accounting policies (continued)
Loan commitments. The Group issues commitments to provide loans in the course of its banking activities. These
commitments are irrevocable or revocable only in response to a material adverse change. Such commitments are
initially recognised at their fair value, which is normally evidenced by the amount of fees received. This amount is
amortised on a straight line basis over the life of the commitment, except for commitments to originate loans if it is
probable that the Group will enter into a specific lending arrangement and does not expect to sell the resulting loan
shortly after origination; such loan commitment fees are deferred and included in the carrying value of the loan on
initial recognition. At the end of each reporting period, the commitments are measured at (i) the remaining
unamortised balance of the amount at initial recognition, plus (ii) the amount of the loss allowance determined based
on the expected credit loss model, unless the commitment is to provide a loan at a below market interest rate, in
which case the measurement is at the higher of these two amounts.
The carrying amount of the loan commitments represents a liability. For contracts that include both a loan and an
undrawn commitment and where the Group cannot separately distinguish the ECL on the undrawn loan component
from the loan component, the ECL on the undrawn commitment is recognised together with the loss allowance for
the loan. To the extent that the combined ECLs exceed the gross carrying amount of the loan, they are recognised
as a liability.
Financial guarantees. Bank financial guarantees require the Group in the course of its banking activities to make
specified payments to reimburse the holder of the guarantee for a loss it incurs because a specified debtor fails to
make payment when due in accordance with the original or modified terms of a debt instrument. Financial guarantees
are initially recognised at their fair value, which is normally evidenced by the amount of fees received. This amount
is amortised on a straight line basis over the life of the guarantee. At the end of each reporting period, the guarantees
are measured at the higher of (i) the amount of the loss allowance for the guaranteed exposure determined based on
the expected loss model and (ii) the remaining unamortised balance of the amount at initial recognition. In addition,
an ECL loss allowance is recognised for fees receivable that are recognised in the statement of financial position as
an asset.
Sale and repurchase agreements and lending of securities. Sale and repurchase agreements (“repo agreements”),
which effectively provide a lender’s return to the counterparty, are treated as secured financing transactions.
Securities sold under such sale and repurchase agreements are not derecognised. Securities sold under repo
agreements are presented as other financial assets carried at FVTPL, FVOCI, AC. The corresponding liability is
presented within amounts “Due to other banks and the Bank of Russia” or “Customer accounts”.
Securities purchased under agreements to resell (“reverse repo agreements”), which effectively provide a lender’s
return to the Group, are recorded as “Due from other banks” or “Banking loans to customers”, as appropriate. The
difference between the sale and repurchase price, adjusted by interest and dividend income collected by the
counterparty, is treated as interest income and accrued over the life of repo agreements using the effective interest
rate method.
Notes receivable. Notes receivable are included in “Other financial assets” and are carried at AC if: (i) they are held
for collection of contractual cash flows and those cash flows represent SPPI, and (ii) they are not designated at
FVTPL.
Trade and other receivables. Trade and other receivables are recognised initially at fair value and are subsequently
carried at AC using the effective interest rate method.
Trade and other payables. Trade payables are accrued when the counterparty performs its obligations under the
contract and are recognised initially at fair value and subsequently carried at AC using the effective interest rate
method.
Due to other banks and the Bank of Russia. Amounts due to other banks and the Bank of Russia are recorded
when money or other assets are advanced to the Group by counterparty banks. The non-derivative liability is carried
at AC. If the Group purchases its own debt, the liability is removed from the consolidated statement of financial
position and the difference between the carrying amount of the liability and the consideration paid is included in
gains or losses arising from retirement of debt.
Customer accounts. Customer accounts are non-derivative liabilities to individuals, state or corporate customers
and are carried at AC.
Subordinated debt. Subordinated debt can only be paid in the event of a liquidation after the claims of other higher
priority creditors have been met. Subordinated debt is carried at AC.

TATNEFT
Notes to the Consolidated Financial Statements
(In million of Russian Rubles)
14
Note 3: Summary of significant accounting policies (continued)
Debt securities and bonds issued. Debt securities issued include promissory notes and certificates of deposit issued
by the Group to its customers in the course of its banking activities. Bonds issued represent securities issued by the
Bank that are traded and quoted in the open market. Promissory notes carry a fixed date of repayment. These may
be issued against cash deposits or as a payment instrument, which the customer can sell at a discount in the over-
the-counter market. Debt securities and bonds issued are carried at AC. If the Group purchases its own debt, it is
removed from the consolidated statement of financial position and the difference between the carrying amount and
the amount paid is recognised as a gain or loss on redemption of debt.
Non-current assets classified as held for sale. Non-current assets are classified in the statement of financial
position as “Non-current assets held for sale” if their carrying amount will be recovered principally through a sale
transaction within twelve months after the end of the reporting period. Assets are reclassified when all of the
following conditions are met: (a) the assets are available for immediate sale in their present condition; (b) the
Group’s management approved and initiated an active programme to locate a buyer; (c) the assets are actively
marketed for sale at a reasonable price; (d) the sale is expected within one year and (e) it is unlikely that significant
changes to the plan to sell will be made or that the plan will be withdrawn. Non-current assets classified as held for
sale in the current period’s statement of financial position are not reclassified or re-presented in the comparative
statement of financial position to reflect the classification at the end of the current period.
Non-current assets held for sale are measured at the lower of its carrying amount and fair value less costs of disposal.
If the fair value less costs of disposal of an asset held for sale is lower than its carrying amount, an impairment loss
is recognised in the consolidated statement of profit or loss and other comprehensive income as expense. Any
subsequent increase in an asset’s fair value less costs of disposal is recognised to the extent of the cumulative
impairment loss that was previously recognised in relation to that specific asset.
Precious metals. The Group has a practice of taking delivery of precious metals and selling them within a short
period after delivery, for the purpose of generating a profit from short-term fluctuations in price or dealer’s margin.
Precious metals are carried at purchase price from the Bank of Russia and are subsequently measured at fair value
based on London precious metals exchange. Precious metals are presented in prepaid expenses and other current
assets line in the statement of consolidated financial position.
Inventories. Inventories of crude oil, refined oil products, materials and supplies, finished goods and other
inventories are valued at the lower of cost or net realizable value. Net realisable value is the estimated selling price
in the ordinary course of business, less the estimated cost of completion and selling expenses. The Group uses the
weighted-average-cost method. Costs include both direct and indirect expenditures incurred in bringing an item or
product to its existing condition and location.
Prepaid expenses. Prepaid expenses include advances for purchases of products and services, insurance fees,
prepayments for export duties, VAT and other taxes. Prepayments are carried at cost less provision for impairment.
Prepayments to acquire assets are transferred to the carrying amount of the asset once the Group has obtained control
of the asset and it is probable that future economic benefits associated with the asset will flow to the Group.
Prepayments for services such as insurance, transportation and
others are written off to profit or loss when the goods
or services relating to the prepayments are received.
If there is an indication that the assets, goods or services relating to a prepayment will not be received, the carrying
value of the prepayment is written down accordingly and a corresponding impairment loss is recognised in the profit
or loss for the year.
Mineral extraction tax. The base rate of mineral extraction tax (MET) relating to oil production, established for
2021 at RR 919 per tonne (2020: RR 919 per tonne), adjusted depending on the average world market prices of the
Urals blend and the RR/US $ average exchange rate.
From 1 January 2017 an additional coefficient was introduced into the calculating the MET, which increases the
amount of tax in 2021 equal to RR 428 per tonne (2020: RR 428 per tonne).
Since 2019, additional coefficients have been added to the MET calculation in connection with the introduction of
a "reverse excise" on crude oil and with a reduction in export customs duties as part of the completion of the tax
maneuvere.

TATNEFT
Notes to the Consolidated Financial Statements
(In million of Russian Rubles)
15
Note 3: Summary of significant accounting policies (continued)
In 2020 for some fields and reserves, the Group applies coefficients that reduce the generally established MET tax
rate on the basis of the Tax Code of the Russian Federation:
 for fields whose depletion rate exceeds more than 80%;
 for fields with initial recoverable reserves less than 5 million tons;
 for superviscous oil with viscosity in the range from 200 to 10,000 Megapascal second (in reservoir
conditions);
 for superviscous crude oil (with viscosity of 10,000 Megapascal second in reservoir conditions);
 for oil produced from domanic productive sediments.
Starting from 1 January 2021 the preferential
coefficients for calculating the MET for oil production from depleted
subsoil areas were canceled, while the right to transfer to the calculation of the Tax on Additional Income from
Hydrocarbon Production (AIT) was granted. In addition the tax incentives for MET for the extraction of superviscous
oil are canceled and the possibility of establishing special formulas for calculating the rates of export duties in
relation to superviscous oil is excluded. At the same time, for the production of superviscous oil in subsoil areas
located fully or partially within the borders of the Republic of Tatarstan, subject to certain conditions, a tax deduction
for MET is established, which is applied from 1 January 2021 until the tax period in which the deduction amount
for the first time will be more than RR 36 billion.
MET is recorded within taxes other than income tax in the consolidated statements of profit or loss and other
comprehensive income.
Tax on additional income from hydrocarbon extraction. AIT is levied at the rate of 50% on additional income
from oil production, calculated as the difference between the estimated revenue from the sale of hydrocarbons and
the actual and estimated costs of its production, including capital costs. This tax regime includes MET, but with a
reduced rate. This regime covers depleted oil fields in Republic of Tatarstan, as well as the Group's license areas in
the Nenets Autonomous District. AIT is included in taxes other than income tax in the consolidated statements of
profit or loss and other comprehensive income.
Reverse excise on crude oil refined and negative excise on gasoline and diesel fuel sold on domestic market.
In the consolidated statement of profit or loss and other comprehensive income reverse (“negative”) excise on crude
oil refined and negative excise on gasoline and diesel fuel is recognised as a reduction (additional expense, if reverse
excise payable) in excise tax expense included in taxes other than income tax (Note 4) and is presented in prepaid
expenses and other current assets line in the statement of consolidated financial position.
In first quarter 2021, the
Group signed an agreement with the Ministry of Energy of the Russian Federation on developing new deep oil
refining capacities which allows it to receive the investment premium on reverse (negative) excise on crude oil
refined. The investment premium for refineries Kinv is applied in calculating the tax deduction for excise duty and
gives the right to taxpayers who have concluded an investment agreement with the Ministry of Energy of the Russian
Federation to reduce the excise tax payable. The investment premium is calculated according to the formula specified
in the Tax Code of the Russian Federation, takes into account the excise tax rate for crude oil refined, the regional
coefficient and the share in the investment agreement financing and is included in in reverse (negative) excise.
Value added tax. Value added tax (VAT) at a standard rate of 20% is payable on the difference between output
VAT on sales of goods and services and recoverable input VAT charged by suppliers. Output VAT is charged on
the earliest of the dates: either the date of the shipment of goods (works, services) or the date of advance payment
by the buyer. Input VAT can be recovered when purchased goods (works, services) are accounted for and other
necessary requirements provided by the tax legislation are met. Where provision has been made for the ECL of
receivables, the impairment loss is recorded for the gross amount of the debtor, including VAT.
Export of goods and rendering certain services related to exported goods are subject to 0% VAT rate upon the
submission of confirmation documents to the tax authorities.
VAT related to sales and purchases is recognised in the consolidated statement of financial position on a gross basis
and disclosed separately within Prepaid expenses and other current assets and Taxes payable other than income
taxes.
Oil and gas exploration and development cost. Oil and gas exploration and development activities are accounted
for using the successful efforts method whereby costs of acquiring unproved and proved oil and gas property as well
as costs of drilling and equipping productive wells and related production facilities are capitalised.
Other exploration expenses, including geological and geophysical expenses and the costs of carrying and retaining
undeveloped properties, are expensed as incurred. The costs of exploratory wells that find oil and gas reserves are
capitalised as exploration and evaluation assets on a “field by field” basis pending determination of whether proved
reserves have been found.

TATNEFT
Notes to the Consolidated Financial Statements
(In million of Russian Rubles)
16
Note 3: Summary of significant accounting policies (continued)
Exploration and evaluation assets are subject to technical, commercial and management review as well as review
for impairment at least once a year to confirm the continued intent to develop or otherwise extract value from the
discovery. When indicators of impairment are present, resulting impairment loss is measured.
If subsequently commercial reserves are discovered, the carrying value, less losses from impairment of respective
exploration and evaluation assets, is classified as development assets. However, if no commercial reserves are
discovered, such costs are expensed after exploration and evaluation activities have been completed.
Property, plant and equipment. Property, plant and equipment are carried at historical cost of acquisition or
construction less accumulated depreciation, depletion, amortization and impairment.
Proved oil and gas properties include the initial estimate of the costs of dismantling and removing the item and
restoring the site on which it is located. The cost of maintenance, repairs and replacement of minor items of property
are expensed when incurred within operating expenses; renewals and improvements of assets are capitalised and
depreciated during the remaining useful life. Cost of replacing major parts or components of property, plant and
equipment items are capitalised and the replaced part is retired.
Advances made on construction of property, plant and equipment are accounted for within Construction in progress.
Non-current assets, including proved oil and gas properties at a field level, are assessed for possible impairment in
accordance with IAS 36 Impairment of assets, which requires non-current assets with recorded values that are not
expected to be recovered through future cash flows to be written down to their recoverable amount which is the
higher of fair value less costs of disposal and value-in-use.
Individual assets are grouped for impairment purposes at the lowest level for which there are identifiable cash flows
that are largely independent of the cash flows of other groups of assets - generally on a field-by-field basis for
exploration and production assets, at an entire complex level for refining assets or at a site level for petrol stations.
Impairment losses are recognised in the profit or loss for the year.
Impairments are reversed as applicable to the extent that the events or circumstances that triggered the original
impairment have changed. The reversal of impairment would be limited to the original carrying value less
depreciation which would have been otherwise charged had the impairment not been recorded.
Non-current assets committed by management for disposal within one year, and meet the other criteria for held for
sale assets, are accounted for at the lower of amortised cost or fair value, less cost of disposal. Costs of unproved oil
and gas properties are evaluated periodically and any impairment assessed is charged to expense.
The Group calculates depreciation expense for oil and gas proved properties using the units-of-production method
for each field based upon proved developed oil and gas reserves, except in the case of significant asset components
whose useful life differs from the lifetime of the field, in which case the straight-line method is applied.
Oil and gas licenses for exploration of unproved reserves are capitalised within property, plant and equipment; they
are depreciated on the straight-line basis over the period of each license validity.
Depreciation of all other property, plant and equipment is determined on the straight-line method based on estimated
useful lives which are as follows:
Years
Buildings and constructions 30-50
Machinery and equipment 5-35
Gains or losses on disposals of property, plant and equipment are determined by comparing proceeds, if any, with
the carrying amount. Gains/(losses) are recorded in impairment losses on property, plant and equipment and other
non-financial assets net of reversal in the consolidated statement of profit or loss and other comprehensive income.
Leases. At inception of a contract, the Group assesses whether a contract is, or contains, a lease. A contract is, or
contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in
exchange for consideration. An asset is identified by being explicitly specified in a contract, or implicitly specified
at the time that the asset is made available for use by the customer. The Group does not have the right to use an
identified asset if the supplier has the substantive right to substitute the asset throughout the period of use.
To assess whether a contract conveys the right to control the use of an identified asset for a period of time, the Group
assessed whether both of the following met:
 The Group has the right to obtain substantially all of the economic benefits from use of the identified asset,
and
 The Group has the right to direct the use of the identified asset.

TATNEFT
Notes to the Consolidated Financial Statements
(In million of Russian Rubles)
17
Note 3: Summary of significant accounting policies (continued)
The Group leases service equipment used in oil extraction, land plots, railway tanks and other assets. Some of service
agreements include lease component for a heavy and special vehicles used in oil production, drilling rigs, pipeline.
The lease payments on heavy and special vehicles, drilling rigs, pipelines, land plots and railway tanks comprise of
variable payments that are not based on an index or rate and therefore are recognised in profit or loss in the period
in which those payments occur. Service equipment lease contracts are typically made for fixed periods from 1 to 3
years, but have extension options as described below.
Leases are recognised as a right-of-use asset and a corresponding liability at the date at which the leased asset is
available for use by the Group. Each lease payment is allocated between the liability and finance cost. The finance
cost is charged to profit or loss over the lease period so as to produce a constant periodic rate of interest on the
remaining balance of the liability for each period. The right-of-use asset is depreciated over the shorter of the asset’s
useful life and the lease term on a straight-line basis. The estimated useful lives of right-of-use assets are determined
on the same basis as those of property, plant and equipment.
Assets and liabilities arising from a lease are initially measured on a present value basis. Lease liabilities include the
net present value of the lease payments that are not paid at the commencement date, discounted using the interest
rate implicit in the lease. If that rate cannot be determined, the lessee’s incremental borrowing rate is used. Generally,
the Group determines its incremental borrowing rate as possible borrowing rate offered by banks for the funds,
necessary to obtain an asset of similar value in a similar economic environment with similar terms and conditions.
The right-of-use asset is initially measured at cost, which comprises the amount of the initial measurement of lease
liability adjusted for any lease payments made at or before the commencement date less any lease incentives
received, plus any initial direct costs incurred and an estimate of costs to dismantle and remove the underlying asset
or to restore the underlying asset or the site on which it is located. The right-of-use asset is periodically reduced by
impairment losses, if any, and adjusted for certain remeasurements of the lease liability.
The term used to measure a liability and an asset in the form of a right of use is defined as the period during which
the Group has sufficient confidence that it will lease the asset. Any option for renewal or termination is taken into
account when estimating the term. Extension options are included in a number of equipment leases across the Group.
The majority of extension options held are exercisable only by the Group and not by the respective lessor. The Group
considers monetary and non-monetary aspects to determine the lease term of the contract, such as business plans,
past practices and economic incentives to extend or terminate the contract (the presence of inseparable
improvements, integration to the production process, potentially high consequential termination costs, etc.) and other
factors that may affect management’s judgment on the lease term. Extension options and termination options are
only included in the lease term if the lease is reasonably certain to be extended (or not terminated).
Potential future cash outflows that have not been included in the lease liability because it is not reasonably certain
that the lease agreements will be extended (or not terminated) are not significant.
Payments associated with short-term leases and leases of low-value assets are recognised on a straight-line basis as
an expense in profit or loss. Short-term leases are leases with a lease term of 12 months or less.
The Group presents right-of-use assets and lease liabilities in the separate lines in the consolidated statement of
financial position.
Debt. Debt is recognised initially at fair value, net of transaction costs incurred and is subsequently carried at AC
using the effective interest rate method.
Interest income on non-banking activities. Interest income on non-banking activities is recognised on a time-
proportion basis using the effective interest rate method. This method defers, as part of interest income, all fee
received between the parties to the contract that are an integral part of the effective interest rate, all other premiums.
Fees integral to the effective interest rate include origination fees received by the Group relating to the creation or
acquisition of a financial asset or the issuance of a financial liability.
For financial assets that are originated or purchased credit-impaired, the effective interest rate is the rate that
discounts the expected cash flows (including the initial expected credit losses) to the fair value on initial recognition
(normally represented by the purchase price). As a result, the effective interest is credit-adjusted.
Interest income is calculated by applying the effective interest rate to the gross carrying amount of financial assets,
except for (i) financial assets that have become credit impaired (Stage 3), for which interest revenue is calculated by
applying the effective interest rate to their AC, net of the ECL provision, and (ii) financial assets that are purchased
or originated credit impaired, for which the original credit-adjusted effective interest rate is applied to the AC.

TATNEFT
Notes to the Consolidated Financial Statements
(In million of Russian Rubles)
18
Note 3: Summary of significant accounting policies (continued)
Employee benefits, post-employment and other long-term benefits. Wages, salaries, contributions to the social
insurance funds, paid annual leave and sick leave, bonuses, and non-monetary benefits (such as health services and
kindergarten services) are accrued in the year in which the associated services are rendered by the employees of the
Group. The Group has various pension plans covering substantially all eligible employees and members of
management. The pension liabilities are measured at the present value of the estimated future cash outflows using
interest rates of government securities, which have the same currency and terms to maturity approximating the terms
of the related liability. Pension costs are recognised using the projected unit credit method.
The cost of providing pensions is accrued and charged to staff expense within operating expenses in the Consolidated
Statement of Profit or Loss and Other Comprehensive Income reflecting the cost of benefits as they are earned over
the service lives of employees.
Remeasurements of the net defined benefit liability arising as the actuarial gains or losses from changes in
assumptions and from experience adjustments with regard to post employment benefit plans are recognised
immediately in other comprehensive income. Actuarial gains and losses related to other long-term benefits are
recognised immediately in the profit or loss for the year.
Past service costs are recognised as an expense for the year immediately.
Plan assets are measured at fair value and are subject to certain limitations. Fair value of plan assets is based on
market prices. When no market price is available the fair value of plan assets is estimated by different valuation
techniques, including discounted expected future cash flow using a discount rate that reflects both the risk associated
with the plan assets and maturity or expected disposal date of these assets.
In the normal course of business the Group contributes to the Russian Federation State Pension Fund on behalf of
its employees. Mandatory contributions to the Fund are expensed when incurred and are included within staff costs
in operating expenses.
Share-based payments. The Group operates a cash-settled share-based compensation plan, under which the entity
receives services from employees as consideration for equity instruments (options or shares) of the Cоmpany.
Services, including employee services received in exchange for cash-settled share-based payments, are recognised
at the fair value of the liability incurred and are expensed when consumed. Until the liability is settled, the Group
remeasures the fair value of the liability at the end of each reporting period and at the date of settlement, with any
changes in fair value recognised in profit or loss for the period. Market conditions, such as increase of share prices
upon which vesting (or exercisability) is conditioned, as well as non-vesting conditions, are taken into account when
estimating the fair value of the cash-settled share-based payment granted and when remeasuring the fair value at the
end of each reporting period and at the date of settlement. Vesting conditions, other than market conditions, are not
taken into account when estimating the fair value of the cash-settled share-based payment at the measurement date,
however are taken into account by adjusting the number of awards included in the measurement of the liability
arising from the transaction.
The amount recognised for the services received during the vesting period is based on the best available estimate of
the number of awards that are expected to vest. The Group revises that estimate, if necessary, if subsequent
information indicates that the number of awards that are expected to vest differs from previous estimates. On the
vesting date, the Group revises the estimate to equal the number of awards that ultimately vested. The cumulative
amount ultimately recognised for services received as consideration for the cash-settled share-based payment is
equal to the cash that is paid. The terms of share-based compensation plan, initial data, assumptions and models
used in measurement of cash-settled share-based compensation pl
an are presented in Note 19.
Decommissioning provisions. The Group recognises a liability for the present value of legally required or
constructive decommissioning provisions associated with non-current assets in the period in which the retirement
obligations arise. The Group has numerous asset removal obligations that it is required to perform under law or
contract once an asset is permanently taken out of service. The Group’s field exploration, development, and
production activities include assets related to: well bores and related equipment and operating sites, gathering and
oil processing systems, oil storage facilities and gathering pipelines. Generally, the Group’s licenses and other
operating permits require certain actions to be taken by the Group in the abandonment of these operations. Such
actions include well abandonment activities, equipment dismantlement and other reclamation activities. The Group’s
estimates of future abandonment costs consider present regulatory or license requirements, as well as actual
dismantling and other related costs. These liabilities are measured by the Group using the present value of the
estimated future costs of decommissioning of these assets. The discount rate is reviewed at each reporting date and
reflects current market assessments of the time value of money and the risks specific to the liability. Most of these
costs are not expected to be incurred until several years, or decades, in the future and will be funded from general
Group resources at the time of removal.

TATNEFT
Notes to the Consolidated Financial Statements
(In million of Russian Rubles)
19
Note 3: Summary of significant accounting policies (continued)
The Group capitalises the associated decommissioning costs as part of the carrying amount of the non-current assets.
Changes in obligation, reassessed regularly, related to new circumstances or changes in law or technology, or in the
estimated amount of the obligation, or in the pre-tax discount rates, are recognised as an increase or decrease of the
cost of the relevant asset. If a decrease in the liability exceeds the carrying amount of the asset, the excess shall be
recognised immediately in profit or loss.
The Group’s petrochemical, refining and marketing and distribution operations are carried out at large
manufacturing facilities and fuel outlets. The nature of these operations is such that the ultimate date of
decommissioning of any sites or facilities is unclear. Current regulatory and licensing rules do not provide for
liabilities related to the liquidation of such manufacturing facilities or of retail fuel outlets. Management therefore
believes that there are no legal or contractual obligations related to decommissioning or other disposal of these
assets.
Income Taxes. Effective 1 January 2012, the Company has established the Consolidated Taxpayer Group which
currently includes 5 companies of the Group. Income taxes have been provided for in the consolidated financial
statements in accordance with legislation enacted or substantively enacted by the end of the reporting period. The
income tax charge comprises current tax and deferred tax and is recognised in profit or loss for the year, except if it
is recognised in other comprehensive income or directly in equity because it relates to transactions that are also
recognised, in the same or a different period, in other comprehensive income or directly in equity.
Current tax is the amount expected to be paid to, or recovered from, the taxation authorities in respect of taxable
profits or losses for the current and prior periods.
Deferred income tax is provided using the balance sheet liability method for tax loss carry forwards and temporary
differences arising between the tax bases of assets and liabilities and their carrying amounts for financial reporting
purposes. In accordance with the initial recognition exemption, deferred taxes are not recorded for temporary
differences on initial recognition of an asset or a liability in a transaction other than a business combination if the
transaction, when initially recorded, affects neither accounting nor taxable profit. Deferred tax balances are
measured at tax rates enacted or substantively enacted at the end of the reporting period, which are expected to apply
to the period when the temporary differences will reverse or the tax loss carry forwards will be utilised.
Deferred tax assets for deductible temporary differences and tax loss carry forwards are recorded only to the extent
that it is probable that the temporary difference will reverse in the future and there is sufficient future taxable profit
available against which the deductions can be utilised.
Deferred tax balances are measured at tax rates enacted or substantively enacted at the end of the reporting period,
which are expected to apply to the period when the temporary differences will reverse or the tax loss carry forwards
will be utilised. Deferred tax assets and liabilities are netted only within the Consolidated Taxpayer Group or
individual companies of the Group outside the Consolidated Taxpayer Group.
Income tax penalties expense and income tax penalties payable are included in Taxes other than income tax in the
consolidated statement of profit or loss and other comprehensive income and taxes payable in the consolidated
statement of financial position, respectively. Income tax interest expense and payable are included in interest
expense in the consolidated statements of profit or loss and other comprehensive income and other accounts payable
and accrued expenses in the consolidated statement of financial position, respectively.
Share capital. Ordinary shares and non-redeemable preference shares with discretionary dividends are both
classified as equity. Dividends paid to shareholders are determined by the Board of directors and approved at the
annual or extraordinary shareholders’ meeting. Dividends are re
corded as a liability and deducted from equity in the
period in which they are declared and approved.
Treasury shares. Common shares of the Company owned by the Group at the reporting date are designated as
treasury shares and are recorded at cost using the weighted-average method. Gains on resale of treasury shares are
credited to additional paid-in capital whereas losses are charged to additional paid-in capital to the extent that
previous net gains from resale are included therein or otherwise to retained earnings.
Earnings per share. Preference shares are not redeemable and are considered to be participating shares. Basic and
diluted earnings per share are calculated by dividing profit or loss attributable to ordinary and preference
shareholders by the weighted average number of ordinary and preferred shares outstanding during the period. Profit
or loss attributed to equity holders is reduced by the amount of dividends declared in the current period for each
class of shares. The remaining profit or loss is allocated to ordinary and preferred shares to the extent that each class
may share in earnings if all the earnings for the period had been distributed. Treasury shares are excluded from
calculations. The total earnings allocated to each class of shares are determined by adding together the amount
allocated for dividends and the amount allocated for a participation feature.

TATNEFT
Notes to the Consolidated Financial Statements
(In million of Russian Rubles)
20
Note 3: Summary of significant accounting policies (continued)
Revenue from Contracts with Customers. Revenue is income arising in the course of the Group’s ordinary
activities. Revenue is recognised in the amount of transaction price. Transaction price is the amount of consideration
to which the Group expects to be entitled in exchange for transferring control over promised goods or services to a
customer, excluding the amounts collected on behalf of third parties. Revenue is recognised net of discounts, value
added taxes.
The Group’s business activities include sales of crude oil and refined products, sales of tires and petrochemical raw
materials. Revenues are recognised at a point in time when control over such products has transferred to a customer,
which refers to ability to direct the use of, and obtain substantially all of the remaining benefits from the products.
Transfer occurs when the products have been shipped to the specific location, the risks of obsolescence and loss
have been transferred to the customer, and either the customer has accepted the products in accordance with the
sales contract, the acceptance provisions have lapsed, or the Group has objective evidence that all criteria for
acceptance have been satisfied.
The Group considers indicators that customer has obtained control of an asset, which include, but are not limited to
the following: the Group has a present right to payment for the products; the Group has transferred physical
possession of the products; the customer has legal title to the products; the customer has the significant risks and
rewards of ownership of the products; the customer has accepted the products. Not all of the indicators need to be
met for management to conclude that control has transferred and revenue could be recognised. Management uses
judgement to determine whether factors collectively indicate that the customer has obtained control.
If the contract includes variable consideration, revenue is recognised only to the extent that it is highly probable that
there will be no significant reversal of such revenue.
The Group operates a chain of own petrol (gas) stations selling refined products. Revenue from the sale of products
is recognised when a group entity sells a product to the customer. Payment of the transaction price is due immediately
when the customer purchases the fuel. Since no right of return, no refund liability is recognised.
Revenues from providing services are recognised in the period in which the services are rendered.
A receivable is recognised when the goods are delivered as this is the point in time that the consideration is
unconditional because only the passage of time is required before the payment is due. No significant element of
financing is deemed present as the sales are made with short-term credit terms consistent with market practice. As a
consequence, the Group does not adjust any of the transaction prices for the time value of money.
Recognition of interest, fee and commission income and expense on banking activities. Interest income and
expense are recognised on an accrual basis calculated using the effective interest rate method. This method defers,
as part of interest income or expense, all fees paid or received between the parties to the contract that are an integral
part of the effective interest rate, transaction costs and all other premiums or discounts. Fees integral to the effective
interest rate include origination fees received or paid by the entity relating to the creation or acquisition of a financial
asset or issuance of a financial liability, for example fees for evaluating creditworthiness, evaluating and recording
guarantees or collateral, negotiating the terms of the instrument and for processing transaction documents.
Commitment fees received by the Group to originate loans at market interest rates are integral to the effective interest
rate if it is probable that the Group will enter into a specific lending arrangement and does not expect to sell the
resulting loan shortly after origination. The Group does not designate loan commitments as financial liabilities at
FVTPL.
For financial assets that are originated or purchased credit-impaired, the effective interest rate is the rate that
discounts the expected cash flows (including the initial expected credit losses) to the fair value on initial recognition
(normally represented by the purchase price). As a result, the effective interest is credit risk adjusted.
Interest income is calculated by applying the effective interest rate to the gross carrying amount of financial assets,
except for (i) financial assets that have become credit impaired (Stage 3), for which interest revenue is calculated by
applying the effective interest rate to their AC, net of the ECL provision, and (ii) financial assets that are purchased
or originated credit impaired, for which the original credit-adjusted effective interest rate is applied to the AC.
Fee and commission income is recognised over time on a straight line basis as the services are rendered, when the
customer simultaneously receives and consumes the benefits provided by the Group’s performance. Such income
includes recurring fees for account maintenance, account servicing fees, account subscription fees, premium service
package fees, portfolio and other asset management advisory and service fees, wealth management and financial
planning services, or fees for servicing loans on behalf of third parties, etc. Variable fees are recognised only to the
extent that management determines that it is highly probable that a significant reversal will not occur.

TATNEFT
Notes to the Consolidated Financial Statements
(In million of Russian Rubles)
21
Note 3: Summary of significant accounting policies (continued)
Other fee and commission income is recognised at a point in time when the Group satisfies its performance
obligation, usually upon execution of the underlying transaction. The amount of fee or commission received or
receivable represents the transaction price for the services identified as distinct performance obligations. Such
income includes fees for arranging a sale or purchase of foreign currencies on behalf of a customer, fees for
processing payment transactions, fees for cash settlements, collection or cash disbursements, as well as, commissions
and fees arising from negotiating, or participating in the negotiation of a transaction for a third party, such as the
acquisition of loans, shares or other securities or the purchase or sale of businesses.
Transportation expenses. Transportation expenses recognised in the consolidated statements of profit or loss and
other comprehensive income represent all expenses incurred by the Group to transport crude oil and refined products
to end customers (they may include pipeline tariffs and any additional railroad costs, handling costs, port fees, sea
freight and other costs). Compounding fees are included in selling, general and administrative expenses.
Government grants. Grants from the government are recognised at their fair value where there is reasonable
assurance that the grant will be received and the Group will comply with all attached conditions. Government grants
relating to the purchase of property, plant and equipment are included in non-current liabilities as deferred income
and are credited to profit or loss on a straight line basis over the expected lives of the related assets.
Changes in the presentation of financial statements. During the year ended 31 December 2021 the Group changed
the presentation of export duties and excise taxes in the consolidated statement of profit or loss and other
comprehensive income. Prior to the change, the Group's revenue was presented net of export duties and excise taxes,
including a reverse (negative) excise tax on crude oil, motor gasoline and diesel fuel. After the change, export duties
and excise taxes are recorded as expenses: export duties on the line "Export duties", excise taxes, including reverse
(negative) excise tax on crude oil, gasoline and diesel fuel, on the line "Taxes other than income tax" of the
consolidated report profit or loss and other comprehensive income. The Group management believes that the change
allows to better assess the overall effect of the tax maneuver and provides more relevant information on how it
affects the financial results of the Group. Prior period amounts were adjusted to conform to current year presentation.
The impact of the presentation changes for the year ended 31 December 2021 the following:
Consolidated statement of profit or
loss and other comprehensive
income
Value before
change
The change Value after change
Revenue from sales 1,256,839 +8,541 1,265,380
Taxes other than income tax (528,635) +30,492 (498,143)
Export duties х (39,033) (39,033)
The impact of the presentation changes for the year ended 31 December 2020 the following:
Consolidated statement of profit or
loss and other comprehensive
income
Value before
change
The change Value after change
Revenue from sales 720,677 +75,138 795,815
Taxes other than income tax (185,539) (50,162) (235,701)
Export duties х (24,976) (24,976)

TATNEFT
Notes to the Consolidated Financial Statements
(In million of Russian Rubles)
22
Note 4: Critical accounting estimates and judgements in applying accounting policies
The Group makes estimates and assumptions that affect the amounts recognised in the consolidated financial
statements and the carrying amounts of assets and liabilities within the next financial year. Estimates and judgements
are continually evaluated and are based on management’s experience and other factors, including expectations of
future events that are believed to be reasonable under the circumstances.
Management of the Group also makes certain judgements, apart from those involving estimations, in the process of
applying the accounting policies. Judgements that have the most significant effect on the amounts recognised in the
consolidated financial statements and estimates that can cause a significant adjustment to the carrying amount of
assets and liabilities within the next financial year include:
 Estimation of oil and gas reserves;
 Useful life of property, plant and equipment;
 Decommissioning provisions;
 Impairment of property, plant and equipment;
 Accounting of investments in JSC “National Non-State Pension Fund”;
 Sale and purchase of oil under contracts for counter oil deliveries;
 Financial assets impairment;
 Financial assets classification;
 Financial instruments fair value estimation;
 Presentation of excise tax, including reverse excise and export duties.
Estimation of oil and gas reserves. Oil and gas development and production assets are depreciated on a unit-of-
production (UOP) basis for each field or group of fields with similar characteristics at a rate calculated by reference
of proved developed reserves. Estimates of proved reserves are also used in the determination of whether
impairments have arisen or should be reversed. Also, exploration drilling costs are capitalised pending the results of
further exploration or appraisal activity, which may take several years to complete and before any related proved
reserves can be booked.
Proved reserves are estimated by reference to available geological and engineering data and only include volumes
for which access to market is assured with reasonable certainty. Estimates of oil and gas reserves are inherently
imprecise, require the application of judgment and are subject to regular revision, either upward or downward, based
on new information such as from the drilling of additional wells, observation of long-term reservoir performance
under producing conditions and changes in economic factors, including product prices, contract terms or
development plans. The Group estimates its oil and gas reserves in accordance with rules promulgated by the Oil
and Gas Reserves Committee of the Society of Petroleum Engineers (SPE) for proved reserves.
Changes to the Group’s estimates of proved developed reserves affect prospectively the amounts of depreciation,
depletion and amortization charged and, consequently, the carrying amounts of oil and gas properties. It is expected,
however, that in the normal course of business the diversity of the Group’s portfolio will limit the effect of such
revisions. The outcome of, or assessment of plans for, exploration or appraisal activity may result in the related
capitalised exploration drilling costs being written off in the
profit or loss for the year.
Useful life of property, plant and equipment. Based on the terms included in the licenses and past experience,
management believes hydrocarbon production licenses will be extended past their current expiration dates at
insignificant additional costs. As a result of the anticipated license extensions, the assets are depreciated over their
useful lives beyond the end of the current license term.
Management assesses the useful life of an asset by considering the expected usage, estimated technical obsolescence,
residual value, physical wear and tear and the operating environment in which the asset is located. Differences
between such estimates and actual results may have a material impact on the amount of the carrying values of the
property, plant and equipment and may result in adjustments to future depreciation rates and expenses for the period.

TATNEFT
Notes to the Consolidated Financial Statements
(In million of Russian Rubles)
23
Note 4: Critical accounting estimates and judgements in applying accounting policies (continued)
Management reviews the appropriateness of the assets’ useful economic lives and residual values at the end of each
reporting period. The review is based on the current condition of the assets, the estimated period during which they
will continue to bring economic benefit to the Group and the estimated residual value.
Decommissioning provisions. Management makes provision for the future costs of decommissioning oil and gas
production facilities, wells, pipelines, and related support equipment and for site restoration based on the best
estimates of future costs and economic lives of the oil and gas assets. Estimating future decommissioning provisions
is complex and requires management to make estimates and judgments with respect to removal obligations that will
occur many years in the future.
Changes in the measurement of existing obligations can result from changes in estimated timing, future costs or
discount rates used in valuation.
The amount recognised as a provision is the best estimate of the expenditures required to settle the present obligation
at the reporting date based on current legislation in each jurisdiction where the Group‘s operating assets are located,
and is also subject to change because of revisions and changes in laws and regulations and their interpretation. As a
result of the subjectivity of these provisions there is uncertainty regarding both the amount and estimated timing of
such costs.
The results of the sensitivity analysis for changes in discount rate are presented in the table below:
Impact on decommissioning provision
Change in
At 31 December
2021
At 31 December
2020
Discount rate
100 bp increase (7,419) (11,931)
100 bp decrease 9,579 15,745
Information about decommissioning provision is presented in Note 12.
Impairment of property, plant and equipment.
At 31 March 2020 management assessed whether there is any indication of impairment of non-current assets.
Based
on the results of analysis, a decision was made to test the assets for impairment. As at 31 December 2020, due to
changes in the legislation on mineral extraction tax, as well as the law "On customs tariff" in terms of the cancellation
of a number of benefits, including incentives aimed at stimulating the production of superviscous oil, additional
testing was carried out for impairment of assets related to exploration and production of superviscous oil.
During the year ended 31 December 2021, there are no indicators of impairment. As of 31 December 2021
impairment estimates were updated for assets received in 2021 and related to CGUs for which an impairment loss
was previously recognized as of 31 December 2020 (Note 12).
Accounting of investments in JSC “National Non-State Pension Fund”
As at 31 December 2021 and 2020 the Group has 74.46% of shares of JSC “National Non-Governmental Pension
Fund”. The Group does not exercise either control or significant influence over JSC “National Non-Governmental
Pension Fund” based on corporate governance and pension legislation. These investments are presented within
financial assets carried at FVOCI as at 31 December 2021 and 2020 (refer to Note 9).
Operations for the sale and purchase of oil under contracts for counter oil deliveries. During the years ended
31 December 2021 and 2020 sales of crude oil under counter-delivery contracts in the amount of RR 221,526 million
and RR 90,296 million respectively are presented net in the consolidated statement of profit or loss and other
comprehensive income of the Group in accordance with the IFRS 15 requirements for exchange of products of
similar quality.
Financial assets impairment
ECL measurement. Calculation and measurement of ECLs is an area of significant judgement, and implies
methodology, models and data inputs. The following components of ECL calculation have the major impact on
credit loss allowance for ECLs: default definition, significant increase in credit risk (SICR), probability of default
(PD), exposure at default (EAD), loss given default (LGD), macromodels and scenario analysis for credit impaired
loans. The Group regularly reviews and validates models and inputs to the models to reduce any differences between
expected credit loss estimates and actual credit loss experience. Refer to Note 29.

TATNEFT
Notes to the Consolidated Financial Statements
(In million of Russian Rubles)
24
Note 4: Critical accounting estimates and judgements in applying accounting policies (continued)
Significant increase in credit risk (SICR). In order to determine whether there has been a significant increase in
credit risk, the Group compares the risk of a default occurring over the life of a financial instrument at the end of the
reporting date with the risk of default at the date of initial recognition. The assessment considers relative increase in
credit risk rather than achieving a specific level of credit risk at the end of the reporting period. The Group considers
all reasonable and supportable forward looking information available without undue cost and effort, which includes
a range of factors, including behavioural aspects of particular customer portfolios. The Group identifies behavioural
indicators of increases in credit risk prior to delinquency and incorporated appropriate forward looking information
into the credit risk assessment, either at an individual instrument, or on a portfolio level. Refer to Note 29.
Financial assets classification
Business model assessment. The business model drives classification of financial assets. Management applied
judgement in determining the level of aggregation and portfolios of financial instruments when performing the
business model assessment. When assessing sales transactions, the Group considers their historical frequency, timing
and value, reasons for the sales and expectations about future sales activity. Sales transactions aimed at minimising
potential losses due to credit deterioration are considered consistent with the “hold to collect” business model. Other
sales before maturity, not related to credit risk management activities, are also consistent with the “hold to collect”
business model, provided that they are infrequent or insignificant in value, both individually and in aggregate. The
Group assesses significance of sales transactions by comparing the value of the sales to the value of the portfolio
subject to the business model assessment over the average life of the portfolio. In addition, sales of financial asset
expected only in stress case scenario, or in response to an isolated event that is beyond the Group’s control, is not
recurring and could not have been anticipated by the Group, are regarded as incidental to the business model
objective and do not impact the classification of the respective financial assets.
The “hold to collect and sell” business model means that assets are held to collect the cash flows, but selling is also
integral to achieving the business model’s objective, such as, managing liquidity needs, achieving a particular yield,
or matching the duration of the financial assets to the duration of the liabilities that fund those assets.
The residual category includes those portfolios of financial assets, which are managed with the objective of realising
cash flows primarily through sale, such as where a pattern of trading exists. Collecting contractual cash flow is often
incidental for this business model.
Assessment whether cash flows are solely payments of principal and interest (“SPPI”). Determining whether a
financial asset’s cash flows are solely payments of principal and interest required judgement.
The time value of money element may be modified, for example, if a contractual interest rate is periodically reset
but the frequency of that reset does not match the tenor of the debt instrument’s underlying base interest rate, for
example a loan pays three months interbank rate but the rate is reset every month. The effect of the modified time
value of money was assessed by comparing relevant instrument’s cash flows against a benchmark debt instrument
with SPPI cash flows, in each period and cumulatively over the life of the instrument. The assessment was done for
all reasonably possible scenarios, including reasonably possible financial stress situation that can occur in financial
markets.
The Group identified and considered contractual terms that change the timing or amount of contractual cash flows.
The SPPI criterion is met if a loan allows early settlement and the prepayment amount substantially represents
principal and accrued interest, plus a reasonable additional compensation for the early termination of the contract.
The asset’s principal is the fair value at initial recognition less subsequent principal repayments, i.e. instalments net
of interest determined using the effective interest rate method. As an exception to this principle, the standard also
allows instruments with prepayment features that meet the following condition to meet SPPI: (i) the asset is
originated at a premium or discount, (ii) the prepayment amount represents contractual amount and accrued interest
and a reasonable additional compensation for the early termination of the contract, and (iii) the fair value of the
prepayment feature is immaterial at initial recognition.
The Group’s loans, primarily to real estate developers, have cash flows that highly depend on performance of the
underlying assets. The loans are carried at FVTPL where management determined that such loans are in substance
non-recourse.
The instruments that failed the SPPI test are measured at FVTPL are described in Note 8 and 9.

TATNEFT
Notes to the Consolidated Financial Statements
(In million of Russian Rubles)
25
Note 4: Critical accounting estimates and judgements in applying accounting policies (continued)
Financial instruments fair value estimation. Financial instruments carried at FVTPL or FVOCI and all derivatives
are stated at fair value. If a quoted market price is available for an instrument, the fair value is calculated based on
the market price. When valuation parameters are not observable in the market or cannot be derived from observable
market prices, the fair value is derived through analysis of other observable market data appropriate for each product
and pricing models which use a mathematical methodology based on accepted financial theories. Pricing models
take into account the contract terms of the securities as well as market-based valuation parameters, such as interest
rates, volatility, exchange rates and the credit rating of the counterparty. Where market-based valuation parameters
are missed, management will make a judgment as to its best estimate of that parameter in order to determine a
reasonable reflection of how the market would be expected to price the instrument, in exercising this judgment, a
variety of tools are used including proxy observable data, historical data, and extrapolation techniques. The best
evidence of fair value of a financial instrument at initial recognition is the transaction price unless the instrument is
evidenced by comparison with data from observable markets.
Any difference between the transaction price and the value based on a valuation technique is not recognised in the
consolidated statement of profit or loss and other comprehensive income on initial recognition unless the value is
based on valuation technique that uses only data from observable markets. Subsequent gains or losses are only
recognised to the extent that they arise from a change in a factor that market participants would consider in setting
a price.
Information on fair value of financial instruments where estimate is based on assumptions that do not utilize
observable market prices is presented in Note 29.
Excises, including reverse (“negative”) excise, and export duties. For the years ended 31 December 2021 and
2020 excises including reverse (“negative”) excise on crude oil refined and negative excise on gasoline and diesel
fuel are recognized in the taxes other than income tax in the Group's consolidated statements of profit or loss and
other comprehensive income (Note 14). In 2021 several amendments were made to the reverse (“negative”) excises,
including the calculation of negative excise on gasoline and diesel fuel and implementation of investment premium.
In conjunction with change in presentation of excises, as result of further tax maneuver development, the Group
presented export duties as separate financial statement line in Costs and other deductions on non-banking activities
section of the consolidated statements of profit or loss and other comprehensive income. Such presentation reflects
dynamics in export duties, which are subject for the further elimination in 2024, with respective growth in MET,
and provides more comprehensive presentation of the overall tax maneuver effect for the financial results of the
Group (Note 3).

TATNEFT
Notes to the Consolidated Financial Statements
(In million of Russian Rubles)
26
Note 5: Adoption of new or revised standards and interpretations
The following amended standards became effective for the Group from 1 January 2021 or later, but did not have any
material impact on the Group:
 Interest rate benchmark (IBOR) reform – phase 2 amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4 and
IFRS 16 (issued on 27 August 2020 and effective for annual periods beginning on or after 1 January 2021).
 COVID-19-Related Rent Concessions Amendment to IFRS 16 (issued on 31 March 2021 and effective for
annual periods beginning on or after 1 April 2021).
Effect of IBOR reform. Reform and replacement of various inter-bank offered rates (‘IBORs’) has become a
priority for regulators. Most IBOR rates would stop being published by 31 December 2021, while certain USD
LIBOR rates would stop being published by 30 June 2023. At the reporting date, the Group has loan agreements
with LIBOR and EURIBOR interest rates. Debt is presented in Note 15.
As of the date of issue of the consolidated financial statements, these rates have not been revised and are used to
determine the amount of interest expense.
The following other new standards and interpretations are not expected to have any material impact on the Group’s
consolidated financial statements when adopted:
 Sale or Contribution of Assets between an Investor and its Associate or Joint Venture – Amendments to
IFRS 10 and IAS 28 (issued on 11 September 2014 and effective for annual periods beginning on or after a date
to be determined by the IASB).
 Classification of liabilities as current or non-current – Amendments to IAS 1 (issued on 23 January 2020
and effective for annual periods beginning on or after 1 January 2022).
 Proceeds before intended use, Onerous contracts – cost of fulfilling a contract, Reference to the Conceptual
Framework – narrow scope amendments to IAS 16, IAS 37 and IFRS 3, and Annual Improvements to IFRSs
2018-2020 – amendments to IFRS 1, IFRS 9, IFRS 16 and IAS 41 (issued on 14 May 2020 and effective for
annual periods beginning on or after 1 January 2022).
 IFRS 17 “Insurance Contracts” (issued on 18 May 2017 and effective for annual periods beginning on or
after 1 January 2023). IFRS 17 replaces IFRS 4, which has given companies dispensation to carry on accounting
for insurance contracts using existing practices. As a consequence, it was difficult for investors to compare and
contrast the financial performance of otherwise similar insurance companies. IFRS 17 is a single principle-
based standard to account for all types of insurance contracts, including reinsurance contracts that an insurer
holds.
 Amendments to IFRS 17 and an amendment to IFRS 4 (issued on 25 June 2020 and effective for annual
periods beginning on or after 1 January 2023). The amendments include a number of clarifications intended to
ease implementation of IFRS 17, simplify some requirements of the standard and transition. The amendments
relate to eight areas of IFRS 17, and they are not intended to change the fundamental principles of the standard.
 Classification of liabilities as current or non-current, deferral of effective date – Amendments to IAS 1
(issued on 15 July 2020 and effective for annual periods beginning on or after 1 January 2023).
 Amendments to IAS 1 and IFRS Practice Statement 2: Disclosure of Accounting policies (issued on 12
February 2021 and effective for annual periods beginning on or after 1 January 2023).
 Amendments to IAS 8: Definition of Accounting Estimates (issued
on 12 February 2021 and effective for
annual periods beginning on or after 1 January 2023).
 Deferred tax related to assets and liabilities arising from a single transaction – Amendments to IAS 12
(issued on 7 May 2021 and effective for annual periods beginning on or after 1 January 2023).
 Transition option to insurers applying IFRS 17 – Amendments to IFRS 17 (issued on 9 December 2021
and effective for annual periods beginning on or after 1 January 2023).

TATNEFT
Notes to the Consolidated Financial Statements
(In million of Russian Rubles)
27
Note 6: Cash and cash equivalents
Cash and cash equivalents comprise the following:
At 31 December 2021
At 31 December 2020
Non-
banking
activity
Banking
activity Total
Non-
banking
activity
Banking
activity Total
Cash on hand and in banks 26,925 22,012 48,937 2,686 28,049 30,735
Term deposits with original maturity of
less than three months 10,015 - 10,015 7,242 - 7,242
Due from banks - 7,535 7,535 - 2,128 2,128
Total cash and cash equivalents 36,940 29,547 66,487 9,928 30,177 40,105
Term deposits with original maturity of less than three months represent deposits placed in banks in the course of
non-banking activities. Due from banks represent deposits with original maturities of less than three months placed
in the course of banking activities in banks other than those that are part of the Group. The fair value and credit
quality analysis of cash and cash equivalents is presented in Note 29.
As at 31 December 2021 financial assets which are subject of offsetting include RR 7,231 million of cash and cash
equivalents collateralised by securities, fair value of which is RR 7,544 million (as at 31 December 2020: nill)
Note 7: Accounts receivable
Short-term and long-term accounts receivable comprise the following:
At 31 December
2021
At 31 December
2020
Short-term accounts receivable:
Trade receivables 90,348 84,254
Other financial receivables 9,138 9,241
Other non-financial receivables 153 163
Less credit loss allowance (10,635) (9,924)
Total short-term accounts receivable 89,004 83,734
Long-term accounts receivable:
Trade receivables 579 1,080
Other financial receivables 808 861
Less credit loss allowance (469) (457)
Total long-term accounts receivable 918 1,484
Total trade and other receivables 89,922 85,218
The estimated fair value of short-term and long-term accounts receivable approximates their carrying value (Note
29).
The Group applies the IFRS 9 simplified approach to measuring expected credit losses which uses a lifetime
expected loss allowance for all trade and other receivables.
The credit loss allowance for trade and other receivables is determined according to provision matrix presented in
the table below. The provision matrix is based on the number of days that an asset is past due, with a distribution to
portfolios of receivables, homogeneous in terms of credit risk. In addition to the number of days that an asset is past
due, types of products sold, geographical specificity of distributional channels and other factors were taken into
account.

TATNEFT
Notes to the Consolidated Financial Statements
(In million of Russian Rubles)
28
Note 7: Accounts receivable (continued)
Analysis by credit quality of trade and other receivables is as follows:
At 31 December 2021 At 31 December 2020
Loss
rate
Gross
carrying
amount
Lifetime
ECL
Loss
rate
Gross
carrying
amount
Lifetime
ECL
Trade receivables
- current 0.485% 84,259 (409)
0.046% 78,800 (36)
- less than 90 days overdue 1.19% 1,007 (12) 1.33% 905 (12)
- 91 to 180 days overdue 4.50% 289 (13) 4.44% 135 (6)
- over 180 days overdue 99.74% 5,372 (5,358) 98.43% 5,494 (5,408)
Total trade receivables (gross
carrying amount) 90,927 85,334
Credit loss allowance (5,792) (5,462)
Total trade receivables (carrying
amount) 85,135 79,872
Other receivables
- current 0.153% 4,583 (7)
0.158% 5,060 (8)
- less than 90 days overdue 100% 9 (9) 100% 17 (17)
- 91 to 180 days overdue - - - 100% 4 (4)
- over 180 days overdue 98.92% 5,354 (5,296) 97.39% 5,021 (4,890)
Total other receivables (gross
carrying amount) 9,946 10,102
Credit loss allowance (5,312) (4,919)
Total other receivables (carrying
amount) 4,634 5,183

TATNEFT
Notes to the Consolidated Financial Statements
(In million of Russian Rubles)
29
Note 7: Accounts receivable (continued)
The following table explains the changes in the credit loss allowance for trade and other receivables under simplified
ECL model between the beginning and the end of the annual period, ended 31 December 2021 and 2020:
2021
2020
Trade
receivables
Other
receivables
Trade
receivables
Other
receivables
Expected credit loss allowance at 1
January (5,462) (4,919) (2,559) (7,135)
(New originated or
purchased)/reversed (7) (392) (2,899) 1,449
Other movements
- - (4) 149
Total credit loss allowance charge
in profit or loss for the period (7) (392) (2,903) 1,598
Write-offs 1 (1) - 618
Other changes (324) -
- -
Expected credit loss allowance at
31 December (5,792) (5,312) (5,462) (4,919)
Analysis by credit quality of trade and other receivables is as follows:
At 31 December 2021 At 31 December 2020
Trade
receivables
Other
receivables
Trade
receivables
Other
receivables
Not past due
- International traders of crude oil, oil
products and petrochemicals 23,946 - 17,676 -
- Russian crude oil and oil products
traders 487 - 13,591 -
- Russian oil and petrochemicals
refineries 36,617 - 20,855 -
- Central and Eastern Europe
refineries
6,877 - 12,308 -
- Russian tire dealers and automotive
manufacturers
3,331 - 5,048 -
- Natural monopoly entity 127 - - -
- Russian construction companies 263 - 8 -
- unrated
12,611 4,583 9,314 5,060
including related parties 2,452 228 1,373 192
Not past due 84,259 4,583 78,800 5,060
Past due but not individually assessed
for credit loss allowance
- less than 90 days overdue 1,007 9 905 17
- 91 to 180 days overdue 289 - 135 4
- over 180 days overdue - 1 - 82
Total past due but not individually
assessed for credit loss allowance 1,296 10 1,040 103
Individually assessed for credit loss
allowance (gross)
- less than 90 days overdue - - - -
- 91 to 180 days overdue - - - -
- over 180 days overdue 5,372 5,353 5,494 4,939
Total individually assessed for
credit loss allowance 5,372 5,353 5,494 4,939
Less credit loss allowance (5,792) (5,312) (5,462) (4,919)
Total 85,135 4,634 79,872 5,183

TATNEFT
Notes to the Consolidated Financial Statements
(In million of Russian Rubles)
30
Note 8: Banking: Loans to customers
At 31 December
2021
At 31 December
2020
Loans to legal entities 37,622 27,488
Loans to individuals 1,977 1,755
Short term loans to customers measured at amortised cost
before credit loss allowance 39,599 29,243
Credit loss allowance (7,257) (8,580)
Total short term loans to customers measured at amortised
cost 32,342 20,663
Short term loans to legal entities measured at fair value through
profit or loss - 1,829
Total short term loans to customers 32,342 22,492
At 31 December
2021
At 31 December
2020
Loans to legal entities 51,653 37,986
Loans to individuals 54,939 45,607
Long term loans to customers measured at amortised cost
before credit loss allowance 106,592 83,593
Credit loss allowance (4,232) (4,645)
Total long term loans to customers measured at amortised cost 102,360 78,948
Long term loans to legal entities measured at fair value through
profit or loss - 215
Total long term loans to customers 102,360 79,163
As at 31 December 2021 and 2020 the Bank ZENIT granted loans to 17 and 13 customers totalling RR 54,852
million and RR 37,808 million respectively, which individually exceeded 5% of the Bank ZENIT equity.
As at 31 December 2020 the Group holds a portfolio of loans to customers that does not meet the SPPI requirement
for measured at amortised cost classification under IFRS 9. Dominant features that failed SPPI test were the
following: the amount of net operating cash flows according to business-plan is not sufficient to fully repay of loans
within the period specified in loan contract; the time value of money is not compensated to the Group, interest
payments will be performed in the end of loan contract; amount of collateral is not sufficient for repayment of loan.
As a result, these loans were measured at fair value through profit or loss from the date of initial recognition.
Loans to customers measured at fair value through profit or loss are measured taking into account the credit risk.
The carrying amount presented in the consolidated statement of financial position best represents the Group's
maximum exposure to credit risk arising from loans to customers.
The fair value of loans to customers, including a breakdown by fair value hierarchy level, is disclosed in Note 29.
Information on related party balances is disclosed in Note 25.

TATNEFT
Notes to the Consolidated Financial Statements
(In million of Russian Rubles)
31
Note 8: Banking: Loans to customers (continued)
Movements in the credit loss allowance during the year ended at 31 December 2021 are as follows:
Loans to le
g
al
entities
Loans to
individuals
Total
Credit loss allowance as at 1 Januar
y
2021
(9,427) (3,798) (13,225)
Net reversal of provision/(provision) for credit
loss allowance during the period 592
(49) 543
Reclassification to the credit loss allowance for
other long-term loans 298 - 298
Other changes 678 217 895
Credit loss allowance as at 31 December 2021
(7,859)
(3,630) (11,489)
Movements in the credit loss allowance during the year ended at 31 December 2020 are as follows:
Loans to le
g
al
entities
Loans to
individuals
Total
Credit loss allowance as at 1 Januar
y
2020
(7,791)
(2,687) (10,478)
Net provision for credit loss allowance during the
period
(2,507)
(1,122) (3,629)
Reclassification to the credit loss allowance for
other long-term loans
645
- 645
Other changes 226 11 237
Credit loss allowance as at 31 December 2020
(9,427) (3,798) (13,225)
Risk concentrations by customer industry within the customer loan portfolio are as follows:
At 31 December 2021 At 31 December 2020
Gross book
value
Share in
customer loan
portfolio, %
Gross book
value
Share in
customer loan
portfolio, %
Trade 15,314 10.48% 9,092 7.91%
Manufacturing 41,788 28.58% 24,287 21.14%
Construction 1,537 1.05% 4,984 4.34%
Services 12,925 8.84% 11,361 9.89%
Food 572 0.39% 508 0.44%
Finance 8,311 5.69% 3,638 3.17%
Agriculture 2,310 1.58% 1,008 0.88%
Oil and gas 4,463 3.05% 5,415 4.71%
Individuals, including: 56,916 38.93% 47,362 41.23%
mortgage loans 27,660 18.92% 23,939 20.84%
consumer loans 15,920 10.89% 13,207 11.50%
car loans 12,844 8.79% 9,667 8.41%
plastic cards overdrafts 452 0.31% 504 0.44%
other 40 0.02% 45 0.04%
Other 2,055 1.41% 7,225 6.29%
Total loans to customers before credit loss
allowance 146,191 100% 114,880 100%

TATNEFT
Notes to the Consolidated Financial Statements
(In million of Russian Rubles)
32
Note 9: Other financial assets
Other short-term financial assets comprise the following:
At 31 December 2021 At 31 December 2020
Non-banking
activity
Banking
activity Total
Non-
banking
activity
Banking
activity Total
Financial assets measured at amortised
cost
Other loans (net of credit loss allowance of
RR 3,515 million and of RR 3,667
million as at 31 December 2021 and
31 December 2020 respectively) 820 - 820 5,946 - 5,946
Bank deposits (net of credit loss allowance
RR 5,547 million as at 31 December
2021 and 31 December 2020
respectively) 56,492 - 56,492 10,000 - 10,000
Due from banks - 2,472 2,472 - 2,391 2,391
REPO with banks - - - - 1,551 1,551
Securities held by the Group (net of credit
loss allowance of RR 8 million and of
RR 27 million as at 31 December 2021
and 31 December 2020 respectively): - 3,993 3,993 3,091 6,486 9,577
Russian government and municipal debt
securities - 12 12 - 12 12
Corporate debt securities - 3,981 3,981 3,091 6,474 9,565
Securities pledged under sale and
repurchase agreements (net of credit loss
allowance of RR 9 million as at 31
December 2021 and 31 December 2020
respectively): - 4,560 4,560 - 4,517 4,517
Corporate debt securities - 4,560 4,560 - 4,517 4,517
Total 57,312 11,025 68,337 19,037 14,945 33,982
Financial assets measured at fair value
through profit or loss
Bank deposits 33,465 - 33,465 - - -
Securities held by the Group: - 4,090 4,090 - 5,744 5,744
Russian government and municipal debt
securities - 1,160 1,160 - 1,518 1,518
Corporate debt securities - 2,546 2,546 - 3,995 3,995
Derivatives - 384 384 - 231 231
Securities pledged under sale and
repurchase agreements: - 319 319 - 17 17
Russian government and municipal debt
securities - - - - 17 17
Corporate debt securities - 319 319 - - -
Total 33,465 4,409 37,874 - 5,761 5,761
Financial assets measured at fair value
through other comprehensive income
Securities held by the Group: 897 948 1,845 848 593 1,441
Russian government and municipal debt
securities 171 44 215 192 35 227
Corporate debt securities 448 884 1,332 454 558 1,012
Corporate shares 278 - 278 202 - 202
Foreign country’s debt securities - 20 20 - -
-
Securities pledged under sale and
repurchase agreements: - 106 106 - 3,130 3,130
Russian government and municipal debt
securities - 96 96 - 959 959
Corporate debt securities - 10 10 - 2,171 2,171
Total 897 1,054 1,951 848 3,723 4,571
Total short-term financial assets 91,674 16,488 108,162 19,885 24,429 44,314

TATNEFT
Notes to the Consolidated Financial Statements
(In million of Russian Rubles)
33
Note 9: Other financial assets (continued)
Other long-term financial assets comprise the following:
At 31 December 2021 At 31 December 2020
Non-
banking
activity
Banking
activity Total
Non-
banking
activity
Banking
activity Total
Financial assets measured at amortised cost
Loans to employees (net of credit loss
allowance of RR 1,776 million and of RR
1,717 million as at 31 December 2021 and 31
December 2020 respectively) 940 - 940 981 - 981
Other loans (net of credit loss allowance of RR
19,938 million and of RR 20,896 million as
at 31 December 2021 and 31 December 2020
respectively) 1,463 - 1,463 2,618 - 2,618
Due from banks - 2,943 2,943 - - -
Securities held by the Group (net of credit loss
allowance of RR 16 million and of RR 92
million as at 31 December 2021 and 31
December 2020): - 8,917 8,917 - 19,814 19,814
Russian government and municipal debt
securities - 1,252 1,252 - 1,272 1,272
Corporate debt securities - 7,665 7,665 - 18,542 18,542
Securities pledged under resale agreements
(net of credit loss allowance of RR 26 million
as at 31 December 2021) - 8,818 8,818 - - -
Corporate debt securities - 8,818 8,818 - - -
Total 2,403 20,678 23,081 3,599 19,814 23,413
Financial assets measured at fair value
through profit or loss
Other loans 4,251 - 4,251 5,079 - 5,079
Securities held by the Group: - 159 159 - 342 342
Corporate debt securities - 139 139 - 245 245
Corporate share - 20 20 - 97 97
Total 4,251 159 4,410 5,079 342 5,421
Financial assets measured at fair value
through other comprehensive income
Securities held by the Group: 23,429 25,767 49,196 23,550 18,221 41,771
Russian government and municipal debt
securities - 11,013 11,013 - 11,627 11,627
Corporate shares 11,361 1,968 13,329 10,570 1,830 12,400
Corporate debt securities - 12,113 12,113 - 4,764 4,764
Foreign country’s debt securities - 673 673
Investment fund units 12,068 - 12,068 12,980 - 12,980
Securities pledged under resale agreements - 4,397 4,397 - - -
Russian government and municipal debt
securities - 3,764 3,764 - - -
Corporate debt securities - 633 633 - - -
Total 23,429 30,164 53,593 23,550 18,221 41,771
Total long-term financial assets 30,083 51,001 81,084 32,228 38,377 70,605
The fair value of financial assets and valuation techniques used are disclosed in Note 29.
The Group holds a portfolio of other long-term loans that does not meet the SPPI requirement for measured at
amortised cost classification under IFRS 9. Dominant features that failed SPPI test were the following: the amount
of net operating cash flows according to business-plan is not sufficient to fully repay of loans within the period
specified in loan contract; the time value of money is not compensated to the Group, interest payments will be
performed in the end of loan contract; amount of collateral is not sufficient for repayment of loan. As a result, these
other long-term loans were measured at fair value through profit or loss from the date of initial recognition.
Other long-term loans measured at fair value through profit or loss are measured taking into account the credit risk.
The carrying amount presented in the consolidated statement of financial position best represents the Group's
maximum exposure to credit risk arising from other loans.
Deposits measured at fair value through profit or loss represent prepayments under foreign exchange forward
contracts with a Russian commercial bank. The terms of the contracts include exposure to cash flows and volatility
that are not consistent with the terms of the underlying loan agreement.

TATNEFT
Notes to the Consolidated Financial Statements
(In million of Russian Rubles)
34
Note 9: Other financial assets (continued)
For the year ended 31 December 2021 the Group recognised fair value gains on financial assets from non-banking
activities measured at fair value through profit or loss, net in the amount of RR 3,382 million. For the year ended
31 December 2020 the Group recognised fair value losses on financial assets from non-banking activities measured
at fair value through profit or loss, net in the amount of RR 5,180 million.
Corporate bonds consist of Russian Ruble and US Dollar denominated bonds and Eurobonds issued by Russian
banks and companies, as well as by foreign companies.
Federal loan bonds consist of Russian Ruble denominated government securities issued by the Ministry of Finance
of the Russian Federation, which are commonly referred to as “OFZ” and Russian Federation Eurobonds.
Municipal bonds consist of Russian Ruble denominated bonds issued by regional and municipal authorities of the
Russian Federation.
Foreign government debt securities consist of US Dollar denominated bonds.
Corporate shares measured at fair value include quoted and unquoted shares of Russian companies and banks. As at
31 December 2021 and 31 December 2020 unquoted securities measured at fair value through other comprehensive
income include investment in AK BARS Bank ordinary shares (17.24%) in the amount of RR 7,300 million.
Investment fund units are solely presented with investment in closed mutual investment rental fund AK BARS –
Gorizont (45.45% of the total amount a shares). The main assets of this fund are the land plots located in Tatarstan
Republic. The Group does not exercise significant influence over this investment and therefore accounts for it as a
financial asset measured at fair value through other comprehensive income.
In 2021 the Group recognised an expected credit losses on financial assets net of recovery in the amount of
RR 78 million (in 2020 amount of RR 756 million). These loss consists an allowance for expected credit losses on
receivables in the amount of RR 399 million (in 2020 amount of RR 1,305 million), an impairment loss on other
financial assets in the amount of RR 13 million (in 2020 amount of RR 310 million), less income from reversal of
impairment on loans issued in the amount of RR 334 million (in 2020 amount of RR 859 million).
The following tables disclose the changes in the credit loss allowance and gross carrying amount for other loans
measured at amortised cost.
Credit loss allowance Gross carrying amount
Stage 1
(12-
months
ECL)
Stage 2
(lifetim
e ECL
for
SICR)
Stage 3
(lifetime
ECL for
credit im-
paired)
Total Stage 1
(12-
months
ECL)
Stage 2
(lifetime
ECL for
SICR)
Stage 3
(lifetime
ECL for
credit im-
paired)
Total
Other loans
At 31 December 2020 - (92) (24,471) (24,563) 73 1,315 31,739 33,127
Movements with impact on
credit loss allowance
charge for 2021:
Net remeasurement of
credit loss allowance
within the same stage - - (65) (65) - - - -
Loans repaid or
derecognised (excluding
write-offs) - - 452 452 - (122) (6,714) (6,836)
New originated or
purchased - - (53) (53) - 270 328 598
Total movements with
impact on credit loss
allowance charge for
2021 - - 334 334 - 148 (6,386) (6,238)
Movements without impact
on credit loss allowance
charge for 2021:
Write-off - - 1,160 1,160 - - (1,160) (1,160)
Reclassification from loans
to customers - - (298) (298) - - 298 298
Other changes - - (86) (86) (73) 11 (229) (291)
At 31 December 2021 - (92) (23,361) (23,453) - 1,474 24,262 25,736

TATNEFT
Notes to the Consolidated Financial Statements
(In million of Russian Rubles)
35
Note 9: Other financial assets (continued)
In December 2018 the Group entered into a transaction to acquire from a number of Russian government-controlled
banks their rights of claim under the credit facilities with NEFIS Group. Total rights in the amount of RR 5,355
million were accounted as other loans in other short-term financial assets carried at amortised cost at 31 December
2020. These claims were fully repaid in the second quarter of 2021.
Credit loss allowance Gross carrying amount
Stage 1
(12-
months
ECL)
Stage 2
(lifetim
e ECL
for
SICR)
Stage 3
(lifetime
ECL for
credit im-
paired)
Total Stage 1
(12-
months
ECL)
Stage 2
(lifetime
ECL for
SICR)
Stage 3
(lifetime
ECL for
credit im-
paired)
Total
Other loans
At 31 December 2019 - (241) (25,766) (26,007) 73 1,531 45,911 47,515
Movements with impact on
credit loss allowance
charge for 2020:
Transfers:
- to credit-impaired (from
Stage 1 and Stage 2 to
Stage 3) - 149 (149) - - (208) 208 -
Net remeasurement of credit
loss allowance within the
same stage - - (106) (106) - - - -
Loans repaid or derecognised
(excluding write-offs) - - 1,046 1,046 - (46) (20,713) (20,759)
New originated or purchased - - (81) (81) - 38 873 911
Total movements with
impact on credit loss
allowance charge for 2020 - 149 710 859 - (216) (19,632) (19,848)
Movements without impact
on credit loss allowance
charge for 2020:
Write-off - - 1,171 1,171 - - (1,224) (1,224)
Reclassification from loans to
customers and accounts
receivable - - (645) (645) - - 6,655 6,655
Other changes - - 59 59 - - 29 29
At 31 December 2020 - (92) (24,471) (24,563) 73 1,315 31,739 33,127

TATNEFT
Notes to the Consolidated Financial Statements
(In million of Russian Rubles)
36
Note 10: Inventories
At 31 December
2021
At 31 December
2020
Materials and supplies 22,384 15,361
Crude oil 20,748 5,597
Refined oil products 21,973 14,370
Supplies and finished products of tires business 9,942 7,226
Other finished products and goods 6,015 2,434
Total inventories 81,062 44,988
Note 11: Prepaid expenses and other current assets
Prepaid expenses and other current assets are as follows:
At 31 December
2021
At 31 December
2020
Prepaid export duties 1,754 1,807
VAT recoverable 7,277 4,117
Advances 8,807 5,977
Prepaid transportation expenses 2,495 2,367
Excise 10,891 697
Other 1,054 5,110
Prepaid expenses and other current assets 32,278 20,075

TATNEFT
Notes to the Consolidated Financial Statements
(In million of Russian Rubles)
37
Note 12: Property, plant and equipment
Oil and
gas
properties
Buildings
and
constructions
Machinery
and
equipment
Construc-
tion in
progress
Total
Cost
As at 31 December 2019 450,768 268,598 206,532 190,266 1,116,164
Additions - - - 105,087 105,087
Disposals (453) (649) (1,664) (1,678) (4,444)
Changes in Group structure - 213 - - 213
Transfers 22,824 26,194 15,241 (64,259) -
Changes in decommissioning
provision 973 - - - 973
As at 31 December 2020 474,112 294,356 220,109 229,416 1,217,993
Depreciation, depletion and
amortisation, impairment
As at 31 December 2019 189,560 53,706 79,610 24,391 347,267
Depreciation charge 19,647 7,919 11,645 - 39,211
Impairment 1,364 1,572 1,325 2,610 6,871
Disposals (361) (428) (1,136) - (1,925)
Transfers 38 1,193 (1,231) - -
As at 31 December 2020 210,248 63,962 90,213 27,001 391,424
Net book value
As at 31 December 2019 261,208 214,892 126,922 165,875 768,897
As at 31 December 2020 263,864 230,394 129,896 202,415 826,569
Cost
As at 31 December 2020 474,112 294,356 220,109 229,416 1,217,993
Additions - - - 120,151 120,151
Disposals (662) (2,448) (3,646) (2,696) (9,452)
Changes in Group structure
(Note 28) - 2,016 1,788 169 3,973
Transfers 6,087 45,695 30,568 (82,350) -
Changes in decommissioning
provision (20,198) - - - (20,198)
As at 31 December 2021 459,339 339,619 248,819 264,690 1,312,467
Depreciation, depletion and
amortisation, impairment
As at 31 December 2020 210,248 63,962 90,213 27,001 391,424
Depreciation charge 21,038 8,593 12,158 - 41,789
Impairment 327 - - 2,466 2,793
Disposals (328) (382) (2,611) - (3,321)
Transfers (2,837) 3,051 (214) - -
As at 31 December 2021 228,448 75,224 99,546 29,467 432,685
Net book value
As at 31 December 2020 263,864 230,394 129,896 202,415 826,569
As at 31 December 2021 230,891 264,395 149,273 235,223 879,782
Additions for years 2021 and 2020 years include construction of TANECO refinery complex, wells, oil fields
facilities and development of tires business.
Within construction in progress there are advances for construction of RR 21,794 million and RR 25,531 million at
31 December 2021 and 2020, respectively.
As stated in Note 3, the Group calculates depreciation, depletion and amortization for oil and gas properties using
the units-of-production method over proved developed oil and gas reserves. The proved developed reserves used in
the units-of-production method assume the extension of the Group’s production license beyond their current
expiration dates until the end of the economic lives of the fields as discussed below in further detail.

TATNEFT
Notes to the Consolidated Financial Statements
(In million of Russian Rubles)
38
Note 12: Property, plant and equipment (continued)
The Group’s oil and gas fields are located principally on the territory of Tatarstan. The Group obtains licenses from
the governmental authorities to explore and produce oil and gas from these fields. The Group’s existing production
licenses for its major fields expire, after their recent extension, between 2038 and 2090, with other production
licenses expiring between 2023 and 2109. The economic lives of several of the Group’s licensed fields extend
beyond the dates of licenses expiration. Under Russian law, the Group is entitled to renew the licenses to the end of
the economic lives of the fields, provided certain conditions are met.
Company management is reasonably certain that the Group will be allowed to produce oil from the Group’s reserves
after the expiration of existing production licenses and until the end of the economic lives of the fields.
Changes in the net book value of exploration and evaluation assets are presented below:
At 1 January 2020 2,094
Additions 2,671
Charged to expense (978)
At 31 December 2020 3,787
Additions 1,679
Reclassification to development assets (1)
Charged to expense (2,291)
At 31 December 2021 3,174
For the year ended 31 December 2021 the Group recognised an impairment of the asset additions of the period for
those CGUs, for which an impairment loss was previously recognised as at 31 December 2020:
 assets used in the production of tire products of the Tires business segment in the amount of RR 290 million;
 exploration and evaluation assets related to the oilfields located outside the Republic of Tatarstan in the
amount of RR 2,727 million;
 other assets in the amount of RR 9 million. In addition, for the year ended 31 December 2021 the Group
reversed a previously recognized impairment loss in the amount of RUB 233 million.
As at 31 December 2021 impairment testing for super viscous oil production assets for which an impairment loss
was previously recognised as at 31 December 2020 was updated due to increase in the discount rate caused by an
increase in the cost of borrowing and adoption of legislative acts clarifying the application of certain norms of the
mineral extraction tax law after cancelling the incentive benefits for production of super viscous oil.
Key assumptions applied to the calculation of value in use are follows:
• oil prices and US dollar / Russian ruble exchange rates are based on available forecasts from globally
recognized research institutions;
• estimated production volumes were based on detailed information for the production plans approved by
management as part of the long-term strategy, considering the estimates of proved oil reserves.
The discount rate calculated based on the Company’s weighted average cost of capital adjusted for asset specific
risks. The Group applied the nominal pre-tax discount rate equal to 21.35 %. The following Brent price assumptions
have been used: $77.1 per barrel in 2022, $70.7 per barrel in 2023, $68.6 per barrel in 2024, $66.8 per barrel in 2025
and $67.4 per barrel in 2026 with further growth in subsequent years according to forecasts.
The recoverable amounts of oil fields in the amount of RR 73,919 million less unwinding of the discount corresponds
to the carrying value of the assets. A reasonably justified change in key assumptions, taken into account by
management for the purpose of preparing models as at the reporting date, does not necessitate the recognition of an
additional impairment other than the above.

TATNEFT
Notes to the Consolidated Financial Statements
(In million of Russian Rubles)
39
Note 12: Property, plant and equipment (continued)
Due to indications of possible impairment as at 31 March 2020 the Group conducted impairment testing for the main
groups of assets. As of 31 December 2020, estimates have been updated for the assets associated with the production
of super viscous oil. According to the accounting policy, individual assets were grouped for impairment purposes to
the cash generating units at the lowest level for which there are identifiable cash flows that are largely independent
of the cash flows of other groups of asset. For the year ended 31 December 2020 the Group recognised an impairment
of the following assets:
 assets used in the production of tire products of the Tires business segment in the amount of RR 3,976
million;
 exploration assets related to the superviscous oil fields, in the amounts of RR 1,364 million;
 exploration and evaluation assets related to the oilfields located outside the Republic of Tatarstan in the
amount of RR 978 million;
 other assets, including social assets, in the total amount of RR 553 million,
which are not providing future
economic benefits.
An impairment loss is included in the corresponding line of the consolidated statement of profit or loss and other
comprehensive income.
Social assets. During the years ended 31 December 2021 and 2020 the Group transferred social assets with a net
book value of RR 363 million and RR 34 million, respectively, to social institutions. At 31 December 2021 and 2020
the Group held social assets with a net book value of RR 4,075 million and RR 5,148 million, respectively.
The social assets comprise mainly dormitories, hotels, gyms and other facilities. The Group may transfer some of
these social assets to local authorities in the future, but does not expect these to be significant. For the year ended
31 December 2021 and 2020 the Group incurred social infrastructure expenses of RR 12,767 and RR 10,856 million
respectively (including an impairment loss on costs of construction and acquisition of social assets not providing
future economic benefits, in the amount of RR 2,545 million and RR 2,298 million respectively).
In 2021 the Group recognised an impairment losses and losses on disposal on property, plant and equipment and
other non-financial assets net of reversal in the amount of RR 3,576 million (in 2020 in the amount of RR 6,677
million). These losses consist of impairment losses on property, plant and equipment
less recoveries in the amount
of RR 2,793 million (in 2020 in the amount of RR 6,871 million), income from reversal of impairment on other
long-term assets in the amount of RR 111 million (in 2020 in the amount of RR 1,058 million), income from reversal
of impairment of inventories in the amount of RR 74 million (in 2020 loss in the amount of RR 88 million) and
losses on disposal of property, plant and equipment in the amount of RR 968 million (in 2020 in the amount of RR
776 million).
Decommissioning provisions
The following table summarizes changes in the Group’s decommissioning provision for the year:
2021 2020
Balance at the beginning of period 55,373 50,474
Unwinding of discount 3,582 3,377
New obligations 222 2,077
Expenses on current obligations (8) (30)
Changes in estimates (20,459) (525)
Balance at the end of period 38,710 55,373
Less: current portion of decommissioning provisions (Note 16) (57) (1)
Long-term balance at the end of period 38,653 55,372
In 2021 and 2020 the Group recorded the change in estimate for oil and gas properties decommissioning due to the
changes in discount rate and estimated future costs of decommissioning.
Key assumptions used for evaluation of decommissioning provision were as follows:
At 31 December
2021
At 31 December
2020
Discount rate 8.47% 6.46%
Discount rate for superviscous oil 8.39% 5.92%
Long-term inflation rate 4.00% 4.00%

TATNEFT
Notes to the Consolidated Financial Statements
(In million of Russian Rubles)
40
Note 13: Right-of-use assets and lease liabilities
Right-of-use assets comprise the following:
Service
e
q
ui
p
ment
Other assets
Total
As at 31 December 2019 10,759 2,899 13,658
Additions
526 613 1,139
Disposals (2) (365) (367)
De
p
reciation
(1,516) (619) (2,135)
Revaluation and modification
(53) (57) (110)
As at 31 December 2020
9,714 2,471 12,185
Service
e
q
ui
p
ment
Other assets
Total
As at 31 December 2020
9,714 2,471 12,185
Additions
331 689 1,020
Disposals (4) (546) (550)
De
p
reciation
(1,407) (326) (1,733)
Revaluation and modification
568 407 975
As at 31 December 2021
9,202 2,695 11,897
The reconciliation between undiscounted lease liabilities and their present value presented in the table below:
At 31 December
2021
At 31 December
2020
Lease liabilities
Less than one year 2,992 2,891
Between one and five years 8,916 8,482
More than five years 8,621 9,738
Total undiscounted lease liabilities 20,529 21,111
Effect of discounting (7,367) (7,892)
Lease liabilities 13,162 13,219
Of which are:
Current lease liabilities, presented in Accounts payable and accrued
liabilities (Note 16) 2,838 2,540
Non-current lease liabilities 10,324 10,679

TATNEFT
Notes to the Consolidated Financial Statements
(In million of Russian Rubles)
41
Note 14: Taxes
Presented below is reconciliation between the provision for income taxes and taxes determined by applying the
statutory tax rate 20% to income before income taxes:
Year ended
31 December 2021
Year ended
31 December 2020
Profit before income tax 257,306 137,045
Theoretical income tax expense at statutory rate (51,461) (27,409)
(Increase)/decrease due to:
Non-deductible expenses, net (6,520) (6,160)
Income tax withheld at source on dividends for treasury shares (440) (907)
Other 1 4
Income tax expense (58,420) (34,472)
At 31 December 2021 no deferred tax liabilities have been recognised for taxable temporary differences of
RR 45,537 million (2020: RR 44,529 million) on undistributed earnings of certain subsidiaries. These earnings have
been and will continue to be reinvested. These earnings, except for undistributed earnings of subsidiaries operating
in a tax free jurisdictions, could become subject to additional tax of approximately RR 2,839 million (2020: RR
2,792 million) if they were remitted as dividends.
Deferred income taxes reflect the impact of temporary differences between the amount of assets and liabilities
recognised for financial reporting purposes and such amounts recognised for statutory tax purposes. Deferred tax
assets (liabilities) are comprised of the following:
At 31 December
2021
At 31 December
2020
Tax loss carry forward 3,899 3,202
Decommissioning provision 8,469 7,808
Prepaid expenses and other current assets 175 195
Long-term loans and certificates of deposits 1,411 1,343
Long-term investments 444 457
Other 249 234
Deferred income tax assets 14,647 13,239
Property, plant and equipment (46,612) (43,131)
Inventories (3,688) (1,070)
Prepaid expenses and other current assets (2,007) (163)
Long-term debt (1,429) -
Other liabilities (651) -
Deferred income tax liabilities (54,387) (44,364)
Net deferred tax liability (39,740) (31,125)
Deferred income taxes are reflected in the consolidated statement of financial position as follows:
At 31 December
2021
At 31 December
2020
Deferred income tax asset 3,333 2,218
Deferred income tax liability (43,073) (33,343)
Net deferred tax liability (39,740) (31,125)
Tax losses carry forward. At 31 December 2021, the Group had recognised deferred income tax assets of RR 3,899
million (RR 3,202 million at 31 December 2020) in respect of unused tax loss carry forwards of RR 19,495 million
(RR 16,010 million at 31 December 2020). Starting from 1 January 2017 the amendments to the Russian tax
legislation became effective in respect of tax loss carry forwards. The amendments affect tax losses incurred and
accumulated since 2007 that have not been utilised. The ten year expiry period for tax loss carry-forwards no longer
applies. The amendments also set limitation on utilisation of tax loss carry forwards that will apply during the period
from 2017 to 2021. The amount of losses that can be utilised each year during that period is limited to 50% of annual
taxable profit. In determining future taxable profits and the amount of tax benefits that are probable in the future
management makes judgments including expectations regarding the Group’s ability to generate sufficient future
taxable income and the projected time period over which deferred tax benefits will be realised.

TATNEFT
Notes to the Consolidated Financial Statements
(In million of Russian Rubles)
42
Note 14: Taxes (continued)
The Group does not have any unrecognised potential deferred tax assets in respect of deductible temporary
differences.
The Group is subject to a number of taxes other than income taxes, which are detailed as follows:
Year ended
31 December 2021
Year ended
31 December 2020
(restated)
Mineral extraction tax 516,598 175,636
Tax on additional income from hydrocarbon extraction 2,299 -
Excise (30,492) 50,162
incl. reverse excise (81,547) 7,285
Property tax 7,400 7,742
Other 2,338 2,161
Total taxes other than income taxes 498,143 235,701
For the year ended 31 December 2021 actual expenses on MET per tonne of oil produced amounted to RR 19,206
per tonne (in 2020: RR 6,585 per tonne), which is RR 67 per tonne (in 2020: RR 2,135 per tonne) below the average
rate established by law. This deviation is due to the application of the coefficients stipulated by the tax legislation
to the generally established MET rate for oil,
as well as application of a reduced MET rate for oil production, which
was transferred to the tax on additional income regime.
Taxes other than income taxes exclude the export duties paid on the sale of crude oil and refined products, which
are presented in the consolidated statement of profit or loss and other comprehensive income as a separate line item
within expenses (Note 3).
Taxes payable, other than income taxes were as follows:
At 31 December
2021
At 31 December
2020
Mineral extraction tax 52,298 17,500
Tax on additional income from hydrocarbon extraction 1,174 -
Value Added Tax 24,723 4,983
Excise 5,493 3,198
Export duties 647 245
Property tax 2,131 1,826
Other 3,239 2,649
Total taxes payable other than income taxes 89,705 30,401

TATNEFT
Notes to the Consolidated Financial Statements
(In million of Russian Rubles)
43
Note 15: Debt
At 31 December
2021
At 31 December
2020
Short-term debt
Bonds issued 3,404 3,881
Subordinated debt 21 21
Debt securities issued 562 500
Russian Rubles credit facility - 1,300
Other debt 935 2,286
Total short-term debt 4,922 7,988
Сurrent portion of long-term debt 17,619 2,973
Total short-term debt, including current portion of
long-term debt 22,541 10,961
Long-term debt
Bonds issued 17,008 18,198
Debt securities issued 6 112
US $75 million 2011 credit facility - 495
US $144.5 million 2011 credit facility 1,254 1,871
EUR 55 million 2013 credit facility 916 1,441
EUR 39.2 million 2020 credit tranche 3,296 2,848
RR 4,320 million 2020 credit tranche 2,612 -
Other debt 2,158 1,660
Total long-term debt 27,250 26,625
Less: current portion (17,619) (2,973)
Total long-term debt, net of current portion 9,631 23,652
Fair value of debt is presented in Note 29. Maturity and currency analysis of debt is presented in Note 29. Debt
issued to related parties is presented in Note 25.
Credit facilities. In November 2011, TANECO entered into a US $75 million credit facility with equal semi-annual
repayments during ten years. The loan was arranged by Nordea Bank AB (Publ), Société Générale and Sumitomo
Mitsui Banking Corporation Europe Limited. The loan bears interest at LIBOR plus 1.1% per annum. The loan
agreement requires compliance with certain financial covenants including, but not limited to, minimum levels of
consolidated tangible net worth and interest coverage ratios. The loan was fully repaid in November 2021.
In November 2011, TANECO entered into a US $144.5 million credit facility with equal semi-annual repayments
during ten years with the first repayment date on 15 May 2014. The loan was arranged by Société Générale,
Sumitomo Mitsui Banking Corporation Europe Limited and the Bank of Tokyo-Mitsubishi UFJ LTD. The loan bears
interest at LIBOR plus 1.25% per annum. The loan agreement requires compliance with certain financial covenants
including, but not limited to, minimum levels of consolidated tangible net worth and interest coverage ratios.
In May 2013, TANECO entered into a Euro 55 million credit facility with equal semi-annual repayment during ten
years. The loan was arranged by The Royal Bank of Scotland plc and Sumitomo Mitsui Banking Corporation Europe
Limited. The loan bears interest at LIBOR plus 1.5% per annum. In accordance with credit facility terms repayment
of the debt is performed in USD. The loan agreement requires compliance with certain financial covenants including,
but not limited to, minimum levels of consolidated tangible net worth and interest coverage ratios. In May 2016 this
credit facility was assigned to Citibank Europe plc, UK Branch with credit facility details remaining.
In November 2020, OOO "NZGSh" entered into a two-tranche syndicated loan: RR 5,400 million and EUR 49
million (RR 4,320 million and EUR 39.2 million excluding intercompany amount) with quarterly repayments during
ten years with the first repayment date on 28 March 2022. The loan was arranged by Bank ZENIT, Bank VBRR and
Credit Bank of Moscow. Contract interest rate is preferential and for the tranche in rubles is key interest rate minus
4.5% per annum, for the tranche in Euro is EURIBOR per annum. The government subsidises the rate of 4.5% per
annum if the borrower meets the conditions for the subsidy granting. The loan agreement requires compliance with
certain financial covenants including, but not limited to, minimum levels of consolidated tangible net worth and
interest coverage ratios.

TATNEFT
Notes to the Consolidated Financial Statements
(In million of Russian Rubles)
44
Note 15: Debt (continued)
During 2021 the Group received short-term loans under the credit facilities with the Russian banks in total amount
of RR 3,500 million at rates ranging from 4.26% to 6.72%. The debt was fully repaid at 31 December 2021.
During 2020 the Group received short-term loans under the credit facilities with the Russian banks in total amount
of RR 210,150 million at rates ranging from 4.39% to 6.74%, most of which were repaid earlier before maturity.
The debt at 31 December 2020 amounted to RR 1,300 million and was repaid in January 2021.
Bonds issued. In December 2019 the Company issued Russian Ruble denominated bonds in the amount of RR
15,000 million with the maturity in 3 years at a rate of 6.45% per annum.
At 31 December 2021 and at 31 December 2020 bonds issued include bonds denominated in Russian Rubles issued
by Bank ZENIT amounted RR 5,412 million and RR 7,079 million respectively, that mature between 2022 and
2025. At 31 December 2021 and at 31 December 2020 the annual coupon rates on these securities range from 5.66%
to 9.5% and 6.65% to 7.65%. The majority of bonds, issued by Bank ZENIT, allow early repurchase at the request
of the bond holder as set in the respective offering documents. As a result, bonds maturing from 2022, which allow
repurchase, are presented as at 31 December 2020 within short-term loans and borrowings. As at 31 December 2021,
these bonds are presented as short-term loans and borrowings in accordance with the maturity terms in 2022.
Subordinated debt. Information on subordinated loans received Bank ZENIT from the DIA within the Russian
Federation Government programme for additional capitalisation of Russian banks presented in Note 29.
Debt securities issued. At 31 December 2021 and 2020 debt securities are promissory notes issued by Bank ZENIT
at a discount to nominal value and interest bearing promissory notes denominated in Russian Rubles. Maturity dates
of these promissory notes vary from 2022 to 2028.
At 31 December 2021 and 2020 non-interest-bearing promissory notes of the aggregate nominal value of RR 294
million and of RR 101 million respectively were issued by Bank ZENIT for settlement purposes and mature
primarily on demand.

TATNEFT
Notes to the Consolidated Financial Statements
(In million of Russian Rubles)
45
Note 16: Accounts payable and accrued liabilities
At 31 December
2021
At 31 December
2020
Trade payables 54,113 55,028
Current portion of lease liabilities (Note 13) 2,838 2,540
Other payables 2,528 2,623
Total financial liabilities within trade and other
payables 59,479 60,191
Salaries and wages payable 10,393 8,414
Advances received from buyers and customers 25,340 11,175
Current portion of decommissioning provisions (Note 12) 57 1
Other accounts payable and accrued liabilities 6,001 4,112
Total non-financial liabilities 41,791 23,702
Accounts payable and accrued liabilities 101,270 83,893
For the current reporting period revenue of RR 11,175 million was recognised in respect of contract liabilities as of
1 January 2021 related to advances received.
For the previous reporting period revenue of RR 7,828 million was recognised in respect of contract liabilities as of
1 January 2020 related to advances received.
The increase in contract liabilities in form of advances from customers as at 31 December 2021 is due to an increase
in sales under contracts with customers with agreed prepayment terms. As at 31 December 2021 advances received
include an advance payment under the oil supply agreement in the amount of RR 12,850 million. The prepayment
is repaid by delivery of oil.
The fair value of each class of financial liabilities included in short-term trade and other payables is presented in
Note 29.
As at 31 December 2021 and 2020 other financial payables include an obligation to repurchase of 2,179,347,288
shares of Bank ZENIT at a price of RR 0.75 per share, requested for the redemption by minority shareholders and
not paid by the Bank in the amount of the liability is RR 1,635 million and RR 1,618 million respectively. Disposal
of the carrying value of the non-controlling interest (in the amount of RR 1,624 million) and the difference between
the accrued liability and the disposed non-controlling interest (in the amount of RR 55 million) recognised as a result
of the transaction are reflected in the line “Subsidiary's shares requested for the redemption” of the consolidated
statement of change in equity.
Note 17: Banking: Due to banks and the Bank of Russia
At 31 December
2021
At 31 December
2020
Term deposits from other banks 2,077 3,110
Term deposits from the Bank of Russia 4,486 2,121
REPO 20,743 9,704
Correspondent accounts and other banks’ overnight deposits 273 275
Total due to banks and the Bank of Russia 27,579 15,210
Less: long term due to banks and the Bank of Russia (4,026) (1,551)
Total short term of due to banks and the Bank of Russia 23,553 13,659
Within due to banks and the Bank of Russia at 31 December 2021 and 2020 there are RR 27,087 million and
RR 13,526 million respectively of REPO correspondent accounts and term deposits, borrowed from the Bank of
Russia and from four and from three Russian banks, which individually exceeded 5% of the Bank ZENIT equity.
As at 31 December 2021 and 31 December 2020 financial liabilities which are subject oа offsetting include RR
20,743 million and RR 9,704 million of due to banks collateralised by securities, fair value of which is RR 23,428
million and RR 10,657 million respectively.

TATNEFT
Notes to the Consolidated Financial Statements
(In million of Russian Rubles)
46
Note 18: Banking: Customer accounts
At 31 December
2021
At 31 December
2020
State and public organizations
Current / settlement accounts 1,196 1,276
Term deposits 156 95
Other legal entities
Current / settlement accounts 20,141 24,674
Term deposits 33,322 19,240
Individuals
Current / settlement accounts 25,500 22,891
Term deposits 71,114 80,449
Total customer accounts 151,429 148,625
Less: long-term customer accounts (1,288) (1,872)
Total short-term customer accounts 150,141 146,753
Within customer accounts at 31 December 2021 and 2020 there are RR 48,864 million and RR 58,607 million of
current/settlement accounts and term deposits from 19 and 23 customers respectively, which individually exceeded
5% of the Bank ZENIT equity.
Risk concentrations by customer industry within customer accounts are as follows:
At 31 December
2021
At 31 December
2020
Carrying value
Share in customer
loan portfolio, %
Carrying
value
Share in customer
loan portfolio, %
Individuals 96,614 63.80% 103,340 69.53%
Finance 17,336 11.45% 11,812 7.95%
Oil and gas 9,859 6.51% 3,261 2.19%
Trade 6,273 4.14% 6,142 4.13%
Services 10,325 6.82% 14,922 10.04%
Manufacturing 3,408 2.25% 2,067 1.39%
Construction 4,434 2.93% 3,422 2.30%
Other 3,180 2.10% 3,659 2.47%
Total customer accounts 151,429 100% 148,625 100%

TATNEFT
Notes to the Consolidated Financial Statements
(In million of Russian Rubles)
47
Note 19: Other long-term liabilities
Other long-term liabilities are as follows:
At 31 December
2021
At 31 December
2020
Pension and other long-term liabilities to employees and retirees 4,140 4,335
Government grants 24,124 8,327
Share based compensation 1,186 976
Other long-term liabilities 355 233
Total other long-term liabilities 29,805 13,871
Pension and other long-term liabilities to employees and retirees. The Group has various pension plans offered
to all employees. Starting from 1 March 2021 the amount of contributions, frequency of benefit payments and other
conditions of these plans are regulated by the new “Statement of Organization of Corporate Non-Governmental
Pension Benefits for PJSC Tatneft Employees”, similar provisions of controlled subsidiaries and agreements
arranged between the Company and the JSC “National Non-Governmental Pension Fund”. In accordance with the
terms of the agreements the Group is committed to make certain contributions on favor of its employees, the
aggregated amount of savings guarantees the payment of a non-state pension in an amount not lower than the
minimum amount provided by pension agreements. The amount of contributions and non-state pensions depends on
the amount of contributions chosen by the employee and the achievement of the target indicators of the companies.
In accordance with the provisions of collective agreements concluded on an annual basis between the Company or
its subsidiaries and their employees, the Group is obliged to pay other certain post-employment benefits to
employees upon completion of their employment with the Company or its controlled subsidiaries.
Government grants. During 2019-2021, the Group received grants from the Republic of Tatarstan for the creation,
modernization and reconstruction of energy facilities and infrastructure.
In addition, as at 31 December 2021,
government grants include the difference between the initial carrying value of the loan determined at the
corresponding market rate and the proceeds received under the loan agreement for the construction of a tire plant in
Republic of Kazakhstan in the amount RR 2,812 million.
Share based compensation. The Company has approved the Tatneft Group long-term employee incentives
program. The program provides for employees benefits based on the change in the share price during a five-year
cycle. In accordance with the terms of the program, 13 million shares are “conditionally” assigned to the
management and directors of the Company, based on which, at the end of the cycle, remuneration is paid on the
amount of the positive difference in the average annual price of an ordinary share of PJSC Tatneft for the fifth year
of the five-year cycle and the year adopted as a base. Payments are made in cash.
The fair value of the Program was calculated at the reporting date by applying the option pricing model, taking into
account the conditions for the increase in the value of shares and the volume of services provided by employees
before the end of the reporting period. The fair value of the Program estimated as RR 103 per share ( in 2020 as RR
120 per share) was determined in accordance with the Black-Scholes option pricing model at the reporting date and
is subject to further review until it is redeemed. The fair value was calculated using the spot price of the Company's
shares at the reporting date in the amount of RR 498.6 (in 2020 in the amount of RR 514.4), the exercise price of
the option in the amount of RR 400.27, an expected dividend yield of 7.63% per annum (in 2020 of 7.77% per
annum), the risk-free interest rate equal to 7.86 % per annum (in 2020 of 4.36 % per annum), the term until the
maturity of the program, and the volatility of the return on the underlying asset equal to 25% (in 2020 equal to
34.7%). The expected volatility was determined based on the historical volatility of the Company's shares. Receiving
payments depends on the completion of the required period of service provision, certain performance indicators and
an increase in the value of shares. The Group plans to recognize the costs of the Program on a straight-line basis
over the period of its validity.

TATNEFT
Notes to the Consolidated Financial Statements
(In million of Russian Rubles)
48
Note 20: Shareholders’ equity
Authorised share capital. At 31 December 2021 and 2020 the authorised, issued and paid share capital of PJSC
Tatneft consists of 2,178,690,700 voting common shares and 147,508,500 non-voting preferred shares; both classes
of shares have a nominal value of RR 1.00 per share. The nominal value of authorised share capital differs from its
carrying value due to effect of the hyperinflation on capital contributions made before 2003.
Golden share. Tatarstan holds a “Golden Share” – a special governmental right – in the PJSC Tatneft company.
The exercise of its powers under the Golden Share enables the Tatarstan government to appoint one representative
to the Board of Directors and Revision Commission of the Company and to veto certain major decisions, including
those relating to changes in the share capital, amendments to the Charter, liquidation or reorganization and “major”
and “interested party” transactions as defined under Russian law. The Golden Share currently has an indefinite term.
Rights attributable to preferred shares. Unless a different amount is approved at the annual shareholders meeting,
preferred shares earn dividends equal to their nominal value. The amount of a dividend for a preferred share may
not be less than the amount of a dividend for a common share. Preferred shareholders may vote at meetings only on
the following decisions:
 the amendment of the dividends payable per preferred share;
 the issuance of additional shares with rights greater than the current rights of preferred shareholders; and
 the liquidation or reorganization of the Company.
The decisions listed above can be made only if approved by 75% of preferred shareholders.
Holders of preferred shares acquire the same voting rights as holders of common shares in the event that preferred
dividends are either not declared, or declared but not paid. On liquidation, the shareholders are entitled to receive a
distribution of net assets. Under Russian Joint Stock Companies Law and the Company’s charter in case of
liquidation, preferred shareholders have priority over shareholders holding common shares to be paid declared but
unpaid dividends on preferred shares and the liquidation value of preferred shares, if any.
Amounts available for distribution to shareholders. The source of payment of dividends is the Company's net
profit for the reporting period, determined based on the Company’s non-consolidated statutory accounts prepared in
accordance with RAR, which differ significantly from IFRS (see Note 2).
When determining the dividend amount (per share) recommended to the General Meeting of Shareholders, the
decision of PJSC Tatneft’s Board of Directors is based on the amount of net profit under RAR or IFRS, depending
on the availability of published financial statements for the relevant period, and assuming that the target level the
total funds allocated for dividends payment accounts for least 50% of the net profit amount determined by RAR or
IFRS, whichever is higher.
In December 2021, the shareholders of the Company approved the payment of interim dividends for the nine months
ended 30 September 2021, in the amount of RR 26.5 per preference and ordinary share, including previously paid
interim dividends for the six months ended 30 June 2021, in the amount of RR 16.52 per preference and ordinary
share. Dividends were paid in the beginning of 2022.
In September 2021, the shareholders of the Company approved interim dividends for the six month ended 30 June
2021 in the amount of RR 16.52 per each preference and ordinary share. These dividends were paid in the fourth
quarter of 2021.
In June 2021, the shareholders of the Company approved dividends for the year ended 31 December 2020 in the
amount of RR 22.24 per each preference and ordinary share, including the previously approved interim dividends
for the six months ended 30 June 2020 the amount of RR 9.94 per each preference and ordinary share. These
dividends were paid in the third quarter of 2021.
In September 2020, the shareholders of the Company approved interim dividends for the six months ended 30 June
2020 in the amount of RR 9.94 per preference and ordinary share. Dividends were paid in the fourth quarter of 2020.
In June 2020, the shareholders of the Company approved dividend
s for the year ended 31 December 2019 in the
amount of RR 1 per each preference share, excluding the previously approved interim dividends for the six and nine
months of 2019 in the amount of RR 64.47 per one preference share. Dividends were paid in the third quarter of
2020.
In December 2019, the shareholders of the Company approved the payment of interim dividends for the nine months
ended 30 September 2019, in the amount of RR 64.47 per preference and ordinary share, including previously paid
interim dividends for the six months ended 30 June 2019, in the amount of RR 40.11 per preference and ordinary
share. The 9 months 2019 Dividends are reported as dividends payable as at 31 December 2019 and were paid in
the beginning of 2020.

TATNEFT
Notes to the Consolidated Financial Statements
(In million of Russian Rubles)
49
Note 20: Shareholders’ equity (continued)
Earnings per share. Preference shares are not redeemable and are considered to be participating shares. Basic and
diluted earnings per share are calculated by dividing profit or loss attributable to ordinary and preference
shareholders by the weighted average number of ordinary and preferred shares outstanding during the period. Profit
or loss attributed to equity holders is reduced by the amount of dividends declared in the current period for each
class of shares.
The remaining profit or loss is allocated ordinary and preferred shares to the extent that each class may have share
in earnings if all the earnings for the period had been distributed. Treasury shares are excluded from calculations.
The total earnings allocated to each class of shares are determined by adding together the amount allocated for
dividends and the amount allocated for a participation feature.
Year ended
31 December 2021
Year ended
31 December 2020
Profit attributable to Group shareholders 198,412 103,490
Ordinary share dividends (81,599) (20,904)
Preferred share dividends (5,723) (1,614)
Income available to ordinary and preferred shareholders, net
of dividends 111,090 80,972
Basic and diluted:
Weighted average number of shares outstanding (millions of
shares):
Ordinary 2,103 2,103
Preferred 148 148
Combined weighted average number of ordinary and preferred
shares outstanding 2,251 2,251
Basic and diluted earnings per share (RR)
Ordinary 88.16 45.92
Preferred 88.16 46.92
Non-controlling interest. Non-controlling interest is adjusted by dividends declared and paid by the Group’s
subsidiaries amounting to RR 47 million and RR 1 million at 31 December 2021 and 2020 respectively.
The result of the intercompany transaction on the repurchase of loans from the Bank ZENIT under cession
agreements is reflected in the line “Intercompany transactions on the purchase and sale of loans” of the consolidated
statement of change in equity.
Note 21: Employee benefit expenses
Year ended
31 December 2021
Year ended
31 December 2020
Wages and salaries 52,272 45,239
Statutory insurance contributions 14,782 12,657
Share based compensations (Note 19) 210 976
Pension costs – defined benefit plans 1,627 263
Other employee benefits 1,571 1,545
Total employee benefit expense 70,462 60,680
Employee benefit expenses are included in operating expenses, selling, general and administrative expenses and
maintenance of social infrastructure and transfer of social assets, other expenses and operating expenses on banking
activities in the consolidated statement of profit or loss and other comprehensive income.

TATNEFT
Notes to the Consolidated Financial Statements
(In million of Russian Rubles)
50
Note 22: Interest income and interest expense on non-banking activities
Interest income on non-banking activities comprises the following:
Year ended
31 December 2021
Year ended
31 December 2020
Interest income from financial assets measured at amortised cost 3,903 4,368
Unwinding of the present value discount of long-term financial
assets 59 60
Total interest income on non-banking activities 3,962 4,428
Interest expense on non-banking activities comprises the following:
Year ended
31 December 2021
Year ended
31 December 2020
Bank loans (178) (1,033)
Bonds issued (967) (970)
Unwinding of the present value discount of decommissioning
provision (3,582) (3,377)
Interest expense on lease liabilities (1,228) (1,374)
Unwinding of the present value discount of long-term financial
liabilities - (17)
Discount of long-term financial liabilities (240) (613)
Other expenses (109) -
Total interest expenses on non-banking activities (6,304) (7,384)
Note 23: Interest and commission income and expense on banking activities
Year ended
31 December:
2021 2020
Interest income 13,501 14,262
Loans to customers 9,956 11,136
Other 3,545 3,126
Fee and commission income 2,947 3,824
Settlement transactions 1,737 2,429
Other
1,210 1,395
Total interest and commission income on banking activity 16,448 18,086
Interest expense (6,869) (7,964)
Term deposits (4,839) (5,988)
Other (2,030) (1,976)
Fee and commission expense (1,360) (1,647)
Settlement transactions (1,265) (1,558)
Other (95) (89)
Total interest and commission expense on banking activity (8,229) (9,611)

TATNEFT
Notes to the Consolidated Financial Statements
(In million of Russian Rubles)
51
Note 24: Segment information
Operating segments are components that engage in business activities that may earn revenues or incur expenses,
whose operating results are regularly reviewed by the Board of Directors and the Management Committee and for
which discrete financial information is available.
Segments whose revenue, result or assets are 10% or more of all the segments are reported separately.
The Group’s business activities are conducted predominantly through four main operating segments:
 Exploration and production consists of exploration, development, extraction and sale of own crude oil.
Intersegment sales consist of transfer of crude oil to refinery and other goods and services provided to other
operating segments;
 Refining and marketing comprises purchases and sales of crude oil and refined products from third parties,
own refining activities and retailing operations;
 Tires business include production and sales of tires;
 Banking segment includes operations of Banking Group ZENIT.
Other sales include revenues from ancillary services provided by the specialised subdivisions and subsidiaries of the
Group, such as sales of oilfield equipment, revenues from the sale of auxiliary petrochemical related services and
materials as well as other business activities, which do not constitute reportable business segments.
The Group evaluates performance of its reportable operating segments and allocates resources based on segment
earnings, defined as profit before income tax not including interest income, expense on non-banking activities, and
gains from equity investments, other income (expenses) and foreign exchange loss or gain. Intersegment sales are
at prices that approximate market. The Group uses an export netback calculated based on average Urals quotes less
export duty, freight and transportation costs to calculate the cost of its own oil for refining. Group financing
(including interest expense and interest income on non-banking activities) and income taxes are managed on a Group
basis and are not allocated to operating segments.
For the year ended 31 December 2021, revenues of RR 187,901 million or 15% of the Group’s total sales and
operating revenues are derived from one external customer.
For the year ended 31 December 2020, revenues of RR 96,663 million or 12% of the Group’s total sales and
operating revenues are derived from one external customer.
These revenues represent sales of crude oil and are attributable to the exploration and production segment.
Group management does not believe the Group is dependent on any particular customer.

TATNEFT
Notes to the Consolidated Financial Statements
(In million of Russian Rubles)
52
Note 24: Segment information (continued)
Segment sales
Year ended
31 December 2021
Year ended
31 December 2020
Exploration and production
Domestic own crude oil 287,656 119,095
CIS own crude oil
(1)
9,379 16,264
Own crude oil sales in foreign countries
(2)
250,196 171,680
Other 4,259 4,224
Intersegment sales 322,534 150,367
Total exploration and production 874,024 461,630
Refining and marketing
Domestic sales
Refined products 338,820 256,780
Total Domestic sales 338,820 256,780
CIS sales
Refined products 13,514 14,660
Total CIS sales
(1)
13,514 14,660
Non-CIS sales
Crude oil purchased for resale 9,262 6,049
Refined products 215,320 108,268
Total non-CIS sales
(2)
224,582 114,317
Other 18,667 9,114
Intersegment sales 1,895 2,489
Total refining and marketing
597,478 397,360
Tires business
44,129 34,953 Tires – domestic sales
Tires – CIS sales 11,452 11,087
Tires – non-CIS sales 4,420 4,364
Other 1,256 3,660
Intersegment sales 929 491
Total tires business 62,186 54,555
Banking
Interest income 13,501 14,262
Fee and commission income 2,947 3,824
Total banking 16,448 18,086
Total segment sales 1,550,136 931,631
Corporate and other sales 57,050 35,617
Elimination of intersegment sales (325,358) (153,347)
Total sales 1,281,828 813,901
(1)
- CIS is an abbreviation for Commonwealth of Independent States (excluding the Russian Federation).
(2)
- Own crude oil and refined products sales in foreign countries means sales mainly to the largest international traders, refineries in Europe and
through electronic trading platforms to end consumers from Europe, Asia and other jurisdictions outside the EurAsEC.

TATNEFT
Notes to the Consolidated Financial Statements
(In million of Russian Rubles)
53
Note 24: Segment information (continued)
Segment earnings
Year ended
31 December 2021
Year ended
31 December 2020
Segment earnings
Exploration and production 213,340 161,879
Refining and marketing 73,119 16,796
Tires business 8,840 1,830
Banking 248 (3,964)
Total segment earnings 295,547 176,541
Corporate and other (38,385) (41,879)
Other income, net 144 2,383
Profit before income tax 257,306 137,045
"Corporate and other" line includes Head Office administrative expenses, impairment losses on financial assets net
of reversal, impairment losses and losses on disposal on property, plant and equipment and other non-financial
assets, non-refundable transfers to regional funds, charity expenses, maintenance of social infrastructure and transfer
of social assets, fair value gain/losses of financial assets at fair value through profit or loss.
Segment assets
At 31 December
2021
At 31 December
2020
Assets
Exploration and production 383,873 364,843
Refining and marketing 583,611 507,860
Tires business 50,844 35,230
Banking 245,188 209,273
Corporate and other 238,773 146,235
Total assets 1,502,289 1,263,441
As at 31 December 2021 corporate and other assets includes RR 77,113 million of property, plant and equipment,
RR 24,317 million of securities measured at fair value through other comprehensive income,
RR 5,307 million loans
receivable, RR 65,508 million of bank deposits measured at amortised cost, RR 33,465 million of bank deposits
measured at fair value through profit or loss, RR 1,347 million of cash, RR 13,701 million of inventories, RR 1,678
million of advances issued.
As at 31 December 2020 corporate and other includes RR 63,495 million of property, plant and equipment,
RR 24,389 million of securities measured at fair value through other comprehensive income,
RR 3,091 million of
securities measured at amortised cost, RR 12,453 million loans receivable, RR 16,027 million of bank deposits
measured at amortised cost, RR 181 million of cash, RR 7,314 million of inventories, RR 1,629 million of advances
issued.
The Group’s assets and operations are primarily located and conducted in the Russian Federation.

TATNEFT
Notes to the Consolidated Financial Statements
(In million of Russian Rubles)
54
Note 24: Segment information (continued)
Segment depreciation, depletion and amortisation and additions to property, plant and equipment
Year ended
31 December 2021
Year ended
31 December 2020
Depreciation, depletion and amortization
Exploration and production 23,027 24,483
Refining and marketing 14,472 11,727
Tires business 940 1,152
Banking 366 359
Corporate and other 3,858 3,144
Total depreciation, depletion and amortization 42,663 40,865
Additions to property, plant and equipment
Exploration and production 29,089 26,670
Refining and marketing 64,544 63,366
Tires business 14,141 7,567
Banking 268 175
Corporate and other 16,082 7,522
Total additions to property, plant and equipment 124,124 105,300
Additions to property, plant and equipment of exploration and production segment are presented net of changes in
estimated decommissioning provisions. For the year ended 31 December 2021 additions to property, plant and
equipment of exploration and production segment and corporate and other assets took into account changes in Group
structure (Note 28).
Note 25: Related party transactions
Parties are generally considered to be related if the parties are under common control or if one party has the ability
to control the other party or can exercise significant influence or joint control over the other party in making financial
and operational decisions. In considering each possible related party relationship, attention is directed to the
substance of the relationship, not merely the legal form.
Transactions are entered into in the normal course of business with associates, joint ventures, government related
companies, key management personnel and other related parties. These transactions include sales and purchases of
refined products, purchases of electricity, transportation services and banking transactions. The Group enters into
transactions with related parties based on market or regulated prices.
Associates, joint ventures and other related parties
The amounts of transactions for each period with associates, joint ventures and other related parties are as follows:
Year ended
31 December 2021
Year ended
31 December 2020
Revenues and income
Sales of refined products 31 28
Other sales 60 84
Interest income 47 26
Costs and expenses
Other services 21 852
Other purchases 586 400

TATNEFT
Notes to the Consolidated Financial Statements
(In million of Russian Rubles)
55
Note 25: Related party transactions (continued)
The outstanding balances with associates, joint ventures and other related parties were as follows:
At 31 December
2021
At 31 December
2020
Assets
Accounts receivable, net 102 132
Banking: Loans to customers 20 73
Other financial assets
Securities measured at fair value through profit or loss - 29
Other loans 526 357
Prepaid expenses and other current assets 1 204
Total short-term assets 649 795
Long-term accounts receivable 62 71
Other financial assets
Securities measured at fair value through other
comprehensive income 4,159 3,890
Other loans 1,009 1,002
Total long-term assets 5,230 4,963
Liabilities
Accounts payable and accrued liabilities (74) (69)
Banking: Customer accounts (1,223) (779)
Total short-term liabilities (1,297) (848)
Banking: Customer accounts (70) -
Total long-term liabilities (70) -
Government related companies
The amounts of transactions for each period with Government related companies are as follows:
Year ended 31
December 2021
Year ended 31
December 2020
Sales of crude oil 49,676 -
Sales of refined products 19,602 18,060
Other sales 9,165 4,764
Interest income 2,917 2,804
Income from changes in the fair value of financial assets 3,702 -
Interest expense 209 656
Purchases of crude oil 631 -
Purchases of refined products and natural gas 24,367 24,661
Purchases of electricity 20,783 16,014
Purchases of transportation and compounding services 26,800 21,934
Other services 6,779 4,994
Other purchases 489 686
Other services and other purchases from organizations related to the state include contributions to the State Housing
Fund under the President of the Republic of Tatarstan under the program of housing construction on social mortgages
in the Republic of Tatarstan, the purchase of petrochemical products, as well as some other services.

TATNEFT
Notes to the Consolidated Financial Statements
(In million of Russian Rubles)
56
Note 25: Related party transactions (continued)
The outstanding balances with Government related companies were as follows
At 31 December
2021
At 31 December
2020
Assets
Cash and cash equivalents 28,794 14,007
Banking: Mandatory reserve deposits with the Bank of
Russia 1,429 1,528
Accounts receivable 2,591 2,102
Banking: Loans to customers 230 -
Other financial assets
Bank deposits measured at amortised cost 8,399 -
Bank deposits measured at fair value through profit or
loss 33,465 -
Securities measured at fair value through other
comprehensive income 919 3,023
Securities measured at amortised cost 5,616 7,480
Securities measured at fair value through profit or loss 2,878 4,095
Other loans measured at amortised cost 42 41
Prepaid expenses and other current assets 4,712 4,441
Total short-term assets 89,075 36,717
Banking: Loans to customers 3,355 5,228
Other financial assets
Securities measured at fair value through other
comprehensive income 38,809 22,294
Securities measured at amortised cost 11,116 8,803
Other loans measured at amortised cost 60 104
Advances for construction 1 16
Total long-term assets 53,341 36,445
Liabilities
Accounts payable and accrued liabilities (14,581) (1,744)
Banking: Due to banks and the Bank of Russia (3,436) (570)
Banking: Customer accounts (3,809) (161)
Debt
Debt securities issued (253) (46)
Other debt (494) (1,835)
Total short-term liabilities (22,573) (4,356)
Banking: Due to banks and the Bank of Russia (4,026) (1,551)
Other debt (80) (102)
Government grants (Note 19) (21,312) (8,327)
Total long-term liabilities (25,418) (9,980)
Key management personnel
The key management personnel of the Group includes members of the Board of Directors and the Management
Board of PJSC Tatneft.
For the years ended 31 December 2021 and 2020 total remuneration, including pension cost, for key management
personnel was RR 1,072 million and RR 1,084 million, respectively.
At 31 December 2021 and 2020 key management personnel customer accounts in Bank ZENIT amounted to
RR 25,433 million and RR 29,328 million, respectively.
For the years ended 31 December 2021 and 2020 the liability for the services provided was recognized in respect of
the key management personnel of the Group in accordance with the long-term incentive program for executive
employees in the amount of RR 75 million and RR 387 million respectively. Information about the program is
presented in Note 19. In addition, in 2021, a provision for short-term remuneration under the incentive program for
executive employees in the amount of RR 242 million was accrued for key management personnel. (in 2020: nill).

TATNEFT
Notes to the Consolidated Financial Statements
(In million of Russian Rubles)
57
Note 26: Contingencies and commitments
Operating Environment of the Group
The economy of the Russian Federation displays certain characteristics of an emerging market. It is particularly
sensitive to oil and gas prices and subject to significant negative impact of continuous decrease in crude oil prices.
In March 2020 the World Health Organization announced a pandemic due to the rapid spread of COVID-19. The
measures taken around the world to combat the spread of COVID-19 resulted in limitation of business activity,
which caused significant decrease in world demand for energy resources. The expiration of prior arrangement of
OPEC+ on 1 April 2020 raised the risks of substantial oversupply of crude oil and refined products in the market.
These events led to significant drop in stock markets, fall in crude oil prices, the Russian Ruble weakened against
the US dollar and the Euro. In April 2020, the OPEC + countries reached a new agreement, under which the Russian
Federation assumed obligations to reduce oil production in the period from May 1, 2020 to April 30, 2022. In
accordance with the agreements reached, the Group began to fulfill its obligations to reduce oil production. In April
2021, the OPEC + countries agreed to remove some of the restrictions and gradually increase oil production, in July
2021 - on the extension of the agreement until the end of 2022 and a gradual increase in oil production. Despite the
new production restrictions agreed by OPEC+, the recovery in oil prices may take a long time. These events can
have a significant impact on the operations, financial position and financial results of the Group in the future, the
consequences of which are difficult to predict. Management created provisions for impairment considering the
economic situation and prospects at the end of the reporting period (Note 12).
In 2021 the Russian economy demonstrated positive dynamics in recovery from the pandemic. This trend was also
supported by the global economic recovery and higher prices on global commodity markets. However, higher prices
on certain markets in Russia and globally also contribute to the
growth of inflation in Russia. The future effects of
the current economic situation and the above measures are difficult to predict and management’s current
expectations and estimates could differ from actual results.
In 2021 ongoing political tension in the region escalated as a result of further developments of the situation with
Ukraine which have negatively impacted commodity and financial markets, and increased volatility, particularly
with regard to foreign exchange rates. Since December 2021, the circumstances have been deteriorating and the
situation remains highly unstable. There is increased volatility in the financial and commodity markets. There is an
expectation of further sanctions and limitations on business activity of companies operating in the region, as well as
consequences on the economy in general, but the full nature and possible effects of these are unknown (Note 30).
Management believes it is taking all necessary measures to support the sustainability and development of the
Group’s business in the current business and economic environment.
Tax, currency and customs legislation are sometimes subject to varying interpretations and contributes to the
challenges faced by companies operating in the Russian Federation. The Russian economy continues to be negatively
impacted by ongoing political tension in the region and international sanctions against certain Russian companies
and individuals. The future economic development of the Russian Federation depends on external factors and
internal measures taken by the government and changes in the tax, legal and regulatory framework.
Capital commitments. As at 31 December 2021 and at 31 December 2020 the Group has approximate outstanding
capital commitments of RR 88,016 million and RR 71,829 million, respectively, mainly for the construction of the
TANECO refinery complex, construction of wells, oil fields facilities construction and tires business development
project,
modernization of Nizhnekamskaya TEC. These commitments are expected to be paid between 2022 and
2026.
Management believes the Group’s current and long-term capital expenditures program can be funded through cash
flows generated from existing operations as well as lines of credit available to the Company. The TANECO refinery
project has been funded from the Company’s cash flow with the support of the bank facilities (Note 15).
Management also believes the Company has the ability to obtain syndicated loans and other financings as needed to
continue funding the own projects, refinance any maturing debts as well as finance business acquisitions and other
transactions that may arise in the future.
Credit related commitments. The credit related commitments comprise loan commitments, letters of credit and
guarantees. The contractual commitments represent the value at risk should the contract be fully drawn upon, the
client defaults, and the value of any existing collateral becomes worthless. In general, certain part of Group's letters
of credit are collateralised with cash deposits or collateral pledged to the Group and accordingly the Group normally
assumes minimal risk.

TATNEFT
Notes to the Consolidated Financial Statements
(In million of Russian Rubles)
58
Note 26: Contingencies and commitments (continued)
Outstanding credit related commitments are as follows:
At 31 December
2021
At 31 December
2020
Undrawn credit lines that are irrevocable or are revocable
only in response to a material adverse change 26,373 34,249
Unused limits on the issuance of bank guarantees 13,581 11,269
Guarantees issued 14,111 12,928
Letters of credit 424 185
Less: allowance for credit related commitment (236) (406)
Less: commitments collateralised by cash deposits under
guarantees issued (20) (6)
Less: commitments collateralised by cash deposits under
Letters of credit (424) (182)
Total credit related commitments 53,809 58,037
Taxation. The Russian tax legislation is subject to varying interpretations and changes which can occur frequently.
Management’s interpretation of the legislation, as applied to the transactions and activities, may be challenged by
the tax authorities.
The tax authorities may take a different position in their interpretation of the legislation, and it is possible that
transactions and activities that have not been challenged in the past may be challenged.
The Russian transfer pricing legislation is generally aligned with the international transfer pricing principles
developed by the Organisation for Economic Cooperation and Development (OECD), with certain specific features.
This legislation allows tax authorities to assess additional taxes for controllable transactions (transactions between
related parties and certain transactions between unrelated parties) if such transactions are not on an arm's length
basis.
Tax liabilities arising from intercompany transactions are determined using actual transaction prices. It is possible,
with the evolution of the interpretation of the transfer pricing rules, that such prices could be challenged. Group
management believes that its pricing policy is arm’s length and it has implemented internal processes to be in
compliance with the new transfer pricing legislation. The Group management believes that its interpretation of the
new legislation is appropriate and the Group’s tax position will be sustained.
Environmental contingencies. The Group, through its predecessor entities, has operated in Tatarstan for many
years without developed environmental laws, regulations and the Group’s policies. Environmental regulations and
their enforcement are currently being considered in the Russian Federation and the Group is monitoring its potential
obligations related thereto. The outcome of environmental liabilities under proposed or any future environmental
legislation cannot reasonably be estimated at present, but could be material. The Group has analyzed its exposure to
climatic and other emerging business risks, but has not identified any risks that could affect the financial results or
the position of the Group at the reporting date. Under existing legislation, however, Group management believes
that there are no probable liabilities, which would have a material adverse effect on the operating results or financial
position of the Group. In addition, the Group is introducing and applying best health, safety and environmental
protection practices and standards which might go beyond any existing and potential legal requirements in the
Russian Federation.
Legal contingencies. The Group is subject to various lawsuits and claims arising in the ordinary course of business.
The outcomes of such contingencies, lawsuits or other proceedings cannot be determined at present. In the case of
all known contingencies the Group accrues a liability when the loss is probable and the amount is reasonably
estimable. Based on currently available information, management believes that it is remote that future costs related
to known contingent liability exposures would have a material adverse impact on the Group’s consolidated financial
statements.
Social commitments. The Group contributes significantly to the maintenance of local infrastructure and the welfare
of its employees within Tatarstan, which includes contributions towards the construction, development and
maintenance of housing, hospitals and transport services, recreation and other social needs. Such funding is
periodically determined by the Board of Directors after consultation with governmental authorities and recorded as
expenditures when incurred.

TATNEFT
Notes to the Consolidated Financial Statements
(In million of Russian Rubles)
59
Note 26: Contingencies and commitments (continued)
Transportation of crude oil. The Group transports substantially all of the crude oil that it sells in export and local
markets through trunk pipelines in Russia that are controlled by PJSC Transneft, the state-owned monopoly owner
and operator of Russia’s trunk crude oil pipelines. The Group’s crude oil is blended in the Transneft pipeline system
with other crude oil of varying qualities to produce an export blend commonly referred to as Urals.
There is currently
no equalization scheme for differences in crude oil quality within the Transneft pipeline system and the
implementation of any such scheme or the impact of it on the Group’s business is not currently determinable.
Note 27: Principal subsidiaries
Set out below are the Group's principal subsidiaries at 31 December 2021 and 2020. The joint-stock companies as
listed below (except for PJSC "Nizhnekamskshina") have share capital consisting solely of ordinary shares. The
proportion of ownership interests held equals to the voting rights held by Group. The country of incorporation or
registration is also their principal place of business. For all principal subsidiaries the country of incorporation is the
Russian Federation, except for Tatneft Europe AG, which is incorporated in Switzerland.
At 31 December 2021 At 31 December 2020
Name of entity
Principal
activity
% of
ownership
interest held
by the Group
% of
ownership
interest held
by the NCI
% of
ownership
interest held
by the Group
% of
ownership
interest held
by the NCI
PJSC Bank ZENIT
Banking
operations 71 29 72 28
Tatneft Europe AG
Export oil
sales 100 - 100 -
TANECO JSC Oil refinery 100 - 100 -
Nizhnekamskshina PJSC
Tires
production 82 18 82 18
Nizhnekamskiy zavod
gruzovykh shin LLC
Tires
production 100 - 100 -
Trade House Kama LLC Tires sales 100 - 100 -
Tatneft-AZS Centr LLC
Oil products
sales 100 - 100 -
Tatneft-AZS-Zapad LLC
Oil products
sales 100 - 100 -
Tatneft-AZS-Severo-
Zapad LLC
Oil products
sales 100 - 100 -
The summarised financial information relating to the subsidiaries with material non-controlling interest was as
follows:
Current
assets
Non-
current
assets
Current
liabilities
Non-
current
liabilities Revenue Profit
Year ended 31 December 2021
PJSC Bank ZENIT 82,717 167,034 215,828 10,433 17,266 647
Nizhnekamskshina PJSC 1,069 576 4,373 - 7,282 848
Total 83,786 167,610 220,201 10,433 24,548 1,495
Year ended 31 December 2020
PJSC Bank ZENIT 82,263 130,898 179,593 12,293 18,605 (3,992)
Nizhnekamskshina PJSC 682 389 4,419 - 7,076 (2,993)
Total 82,945 131,287 184,012 12,293 25,681 (6,985)

TATNEFT
Notes to the Consolidated Financial Statements
(In million of Russian Rubles)
60
Note 28: Business combinations
In 2nd quarter of 2021 the Group acquired 100% of the charter capital of LLC BaltTekhProm, LLC TD Ecopolimery
and 100% of the share capital of JSC Ecopet from a third party, PJSC National Bank TRUST and obtained control
of these entities becoming the sole participant of LLC BaltTekhProm, LLC TD Ecopolimery and through its ability
to cast a majority of votes in the general meeting of shareholders of JSC Ecopet. The acquired companies constitute
the enterprise for the production and sale of polyethylene terephthalate used for the production of PET bottles and
cans, food containers and packaging, as well as other technical and household products. The acquired subsidiaries
contribute to the further development of the Group's petrochemical business.
The purchase price was RR 6,450 million and the cash consideration was fully paid in 2nd quarter 2021. The
consideration paid by the Group was based on the results of the evaluation of the business value of the acquired
entity as a whole.
Details of assessment of the fair value of acquired assets and liabilities performed by the Group are as follows:
Preliminary
fair value
Cash and cash equivalents 994
Property, plant and equipment 2,208
Inventories 3,303
Accounts receivable and advances issued 2,188
Other assets 353
Trade and other payables (1,106)
Deferred tax liabilities (1,455)
Other liabilities (35)
Fair value of identifiable net assets of subsidiary 6,450
Total purchase consideration 6,450
Сash and cash equivalents of subsidiary acquired (994)
Purchase price, net 5,456
For the period from the acquisition date to 31 December 2021 the acquired business accounted for RR 10,516 million
in the Group's revenue and RR 492 million in profit. If the acquisition had occurred on 1 January 2021, the Group
revenue and profit for the year ended 31 December 2021 would have been RR 1,274,063 million and RR 199,792
million respectively.
In addition in the third quarter of 2021, the Group acquired a geological and production geophysical business by
purchasing the share in LLC TNG-AlGIS from a third party LLC TNG-Group and obtained control of these entities
becoming the sole participant of LLC TNG- AlGIS.
Note 29: Financial risk management
Financial risk management objectives and policies.
The Group‘s activities expose it to a variety of financial risks: market risk (including foreign currency risk, interest
rate risk), credit risk and liquidity risk. The Group‘s overall risk management program focuses on the
unpredictability of financial markets and seeks to minimize potential adverse effects on the Group‘s financial
performance. The Group has introduced a risk management system and developed a number of procedures to
measure, assess and monitor risks and select the relevant risk management techniques.
Market risk
Market risk is the risk or uncertainty arising from possible market price movements and their impact on the future
performance of a business.
The Group takes on exposure to market risks. Market risks arise from open positions in (a) foreign currencies,
(b) interest rate risk and (c) financial instruments price risk.
a) Currency risk
The Group operates internationally and is exposed to currency risk arising from various currency exposures
primarily with respect to the US Dollar. Foreign exchange risk arises from assets, liabilities, commercial transactions
and financing denominated in foreign currencies.

TATNEFT
Notes to the Consolidated Financial Statements
(In million of Russian Rubles)
61
Note 29: Financial risk management (continued)
The table below summarises the Group’s exposure to foreign currency exchange rate risk as at 31 December 2021.
Russian Ruble US Dollar Other Total
Financial assets
Cash and cash equivalents
Cash on hand and in banks
16,038 28,126 4,773 48,937
Term deposits with original
maturity of less than three months 10,015 - - 10,015
Due from banks
7,072 - 463 7,535
Banking: Mandatory reserves with the
Bank of Russia 1,429 - - 1,429
Accounts receivable
Trade receivables
49,562 34,496 1,077 85,135
Other financial receivables
4,052 582 - 4,634
Banking: Loans to customers
98,129 31,399 5,174 134,702
Other financial assets
Bank deposits at amortised cost
52,723 3,769 - 56,492
Bank deposits at fair value through
profit or loss - 33,465 - 33,465
Due from banks
2 3,498 1,915 5,415
Loans to employees
940 - - 940
Other loans at AC
2,283 - - 2,283
Other loans at FVTPL
4,251 - - 4,251
Securities at FVTPL
3,281 1,040 247 4,568
Securities at FVOCI
53,937 1,604 3 55,544
Securities at AC
12,748 13,540 - 26,288
Total financial assets
316,462 151,519 13,652 481,633
Financial liabilities
Trade and other financial payables
Trade payables
53,134 197 782 54,113
Dividends payable
22,984 - - 22,984
Current portion of lease liabilities
2,838 - - 2,838
Lease obligations, net of current
portion 10,324 - - 10,324
Other payables
2,491 37 - 2,528
Banking: Other financial liabilities
at FVTPL 6,092 960 11 7,063
Debt
Bonds issued
20,412 - - 20,412
Subordinated debt
21 - - 21
Debt securities issued
568 - - 568
Credit facilities
2,612 2,170 3,296 8,078
Other debt
1,658 329 1,106 3,093
Banking: Due to banks and the Bank
of Russia 14,735 12,753 91 27,579
Banking: Customer accounts
126,036 20,263 5,130 151,429
Total financial liabilities
263,905 36,709 10,416 311,030
Net balance sheet position
52,557 114,810 3,236 170,603

TATNEFT
Notes to the Consolidated Financial Statements
(In million of Russian Rubles)
62
Note 29: Financial risk management (continued)
The table below summarises the Group’s exposure to foreign currency exchange rate risk as at 31 December 2020.
Russian Ruble US Dollar Other Total
Financial assets
Cash and cash equivalents
Cash on hand and in banks
21,553 6,401 2,781 30,735
Term deposits with original
maturity of less than three months 7,242 - - 7,242
Due from banks
29 - 2,099 2,128
Banking: Mandatory reserves with the
Bank of Russia 1,528 - - 1,528
Accounts receivable
Trade receivables
47,736 32,017 119 79,872
Other financial receivables
4,798 385 - 5,183
Banking: Loans to customers
73,712 20,401 7,542 101,655
Other financial assets
Bank deposits
10,000 - - 10,000
Due from banks
1 2,390 - 2,391
REPO with banks
608 943 - 1,551
Loans to employees
981 - - 981
Other loans at AC
8,346 218 - 8,564
Other loans at FVTPL
5,079 - - 5,079
Securities at FVTPL
4,915 425 763 6,103
Securities at FVOCI
40,659 1,460 4,223 46,342
Securities at AC
19,023 14,885 - 33,908
Total financial assets
246,210 79,525 17,527 343,262
Financial liabilities
Trade and other financial payables
Trade payables
52,828 1,486 714 55,028
Dividends payable
823 - - 823
Current portion of lease liabilities
2,540 - - 2,540
Lease obligations, net of current
portion 10,679 - - 10,679
Other payables
2,583 40 - 2,623
Banking: Other financial liabilities
at FVTPL 1,690 - 74 1,764
Debt
Bonds issued
22,079 - - 22 079
Subordinated debt
- 21 - 21
Debt securities issued
612 - - 612
Credit facilities
1,300 3,807 2,848 7,955
Other debt
3,006 427 513 3,946
Banking: Due to banks and the Bank
of Russia 6,494 6,862 1,854 15,210
Banking: Customer accounts
110,330 29,291 9,004 148,625
Total financial liabilities
214,964 41,934 15,007 271,905
Net balance sheet position
31,246 37,591 2,520 71,357
For the year ended 31 December 2021 the Group recognised RR 14,295 million and RR 11,820 million foreign
exchange gains and losses respectively in the consolidated statement of profit or loss and other comprehensive
income (for the year ended 31 December 2020: RR 15,234 million and RR 9,637, respectively).
Foreign exchange
gains and losses are derived primarily from operating activities from the export sales of crude oil and refined
products.
The following table presents sensitivities of profit and loss and equity to changes in US Dollar exchange rates applied
at the end of the reporting period relative to Russian Ruble:
Year ended
31 December 2021
Year ended
31 December 2020
Impact on profit
before tax
Impact on
equity
Impact on
profit before
tax
Impact on
equity
US Dollar strengthening by 20%
15,515 12,412 7,518 6,015
US Dollar weakening by 20%
(15,515) (12,412) (7,518) (6,015)

TATNEFT
Notes to the Consolidated Financial Statements
(In million of Russian Rubles)
63
Note 29: Financial risk management (continued)
b) Interest rate risk.
The Group takes on exposure to the effects of fluctuations in the prevailing levels of market interest rates on its
financial position and cash flows. Interest margins may increase as a result of such changes, but may reduce or create
losses in the event that unexpected movements arise. Management monitors on a daily basis and sets limits on the
level of mismatch of interest rate repricing that may be undertaken.
Non-banking operations interest rate risk management
The majority of the Group’s borrowings is at variable interest rates (linked to the LIBOR rate). To mitigate the risk
of significant changes in the LIBOR rate, the Group’s treasury function performs periodic analysis of the interest
rate environment. The Group does not have a formal policy of determining how much of the Group’s exposure
should be to fixed or variable rates. However, the Group performs periodic analysis of the current interest rate
environment and depending on that analysis at the time of raising new debts management makes decisions whether
to obtain financing on fixed-rate or variable-rate basis would be more beneficial to the Group over the expected
period until maturity.
Banking operations interest rate risk management
The majority of the Group’s interest rate sensitive banking financial assets and liabilities are at fixed rates. Therefore,
the Group’s interest rate risk arises primarily from unmatched positions on maturities of assets and liabilities carried
at fixed rates.
Management of interest rate risk is performed through analysis of the structure of assets and liabilities by repricing
dates. Interest rates that are contractually fixed on both assets and liabilities may be renegotiated before any new
credit tranche is issued to reflect current market conditions. All new credit products and transactions are assessed in
respect of interest rate risk upfront, prior to starting these transactions.
Additionally, as disclosed in the maturity analysis below, the maturity dates applicable to the majority of the Bank
ZENIT's assets and liabilities are relatively short-term and that provides the Bank ZENIT with a certain level of
flexibility to react to changing market conditions.
The Group’s overall interest rate risk is monitored by Assets and liabilities committee (“ALCO”) which reviews the
structure of assets and liabilities, current and projected interest rates. Financial departments of Bank ZENIT are
responsible for day-to-day management of the interest rate mismatch, preliminary approval of interest rates on
projected transactions, preparation and submission for approval suggestions on acceptable interest rate levels by
instrument and duration. Risk management departments of Bank ZENIT review current interest rate gaps and assess
resulting effects of interest rate risk on the Group's interest margin and economic capital.
The interest rate risk measurement system provides the ability to evaluate a risk profile from two different, but
complementary points of view. From the economic value point of view the effect of changes in interest rates and the
associated volatility of the present value of all future cash flows is considered and is calculated as the change in the
sensitivity of fair value using a shock effect on the interest rate curve. From the profit point of view the effect
generated by measuring interest rates on net profit in the form of interest and, therefore, on the associated effect on
net interest income on a 1-year horizon is analysed. Interest rate risk reporting is compiled and reported to the Bank
ZENIT’s Management Board on a quarterly basis.

TATNEFT
Notes to the Consolidated Financial Statements
(In million of Russian Rubles)
64
Note 29: Financial risk management (continued)
Interest rate risk analysis on banking and non-banking operations of the Group
The table below summarises the Group’s exposure to interest rate risks. The table presents the aggregated amounts
of the Group’s financial assets and liabilities at carrying amounts, categorised by the earlier of contractual interest
repricing or maturity dates:
Demand and
less than
1 month
From 1 to
6 months
From 6 to
12 months
From 1 to 5
years
More than
5 years
Non-sensitive Total
31 December
2021
Total financial
assets 55,583 67,899 54,568 96,232 59,022 148,329 481,633
Total financial
liabilities 55,542 36,144 61,448 71,231 6,696 79,969 311,030
Net interest
sensitivity gap 41 31,755 (6,880) 25,001 52,326 68,360 170,603
31 December
2020
Total financial
assets 40,496 25,504 25,320 70,309 62,057 119,576 343,262
Total financial
liabilities 45,961 48,852 35,811 77,621 5,017 58,643 271,905
Net interest
sensitivity gap (5,465) (23,348) (10,491) (7,312) 57,040 60,933 71,357
The table below summarises the effective average year end interest rates, by major currencies (US Dollars, Russian
Rubles), for financial instruments. The analysis has been prepared on the basis of weighted average effective interest
rates for the various financial instruments using year-end contractual terms and conditions.
At 31 December 2021 At 31 December 2020
Russian
Ruble
US Dollar Russian
Ruble
US Dollar
Financial assets
Cash and cash equivalents
Cash on hand and in banks
- - - -
Term deposits
8.3% - 4.36% -
Due from banks
- - - -
Banking: Loans to customers
10.4% 3.11% 9.98% 2.84%
Other financial assets
Bank deposits at amortised cost
9.12% 0.55% 5.08% -
Bank deposits at fair value through profit or
loss
- 0.55% - -
Due from banks
7.53% 1.87% 4.40% 0.02%
REPO with banks
- - 4.25% 0.19%
Notes receivable
- - 0.10% -
Loans to employees
3.19% - 3.19% -
Other loans
4.85% - 7.05% -
Securities at FVTPL
6.13% 5.03% 6.53% 4.74%
Securities at FVOCI
7.6% 6.41% 6.04% 5.25%
Securities at AC
7.77% 4.42% 6.93% 4.95%
Financial liabilities
Debt
Bonds issued
6.82% - 6.90% -
Subordinated debt
8.50% - 8.50% -
Debt securities issued
5.64% - 5.48% -
Credit facilities
4.00% 1.61% 5.00% 0.76%
Other debt
5.42% 0.01% 4.10% 0.01%
Banking: Other financial liabilities at fair value
through profit or loss
5.25% 7.70% 5.25% 7.70%
Banking: Due to banks and the Bank of Russia
5.97% 0.72% 4.15% 0.36%
Banking: Customer accounts
7.04% 0.32% 3.62% 0.52%

TATNEFT
Notes to the Consolidated Financial Statements
(In million of Russian Rubles)
65
Note 29: Financial risk management (continued)
The following table presents a sensitivity analysis of interest rate risk on banking and non-banking financial assets
and liabilities:
Year ended
31 December 2021
Year ended
31 December 2020
Impact on profit
before tax
Impact on
equity
Impact on
profit before
tax
Impact on
equity
Increase by 200 basis points
2,045 1,636 208 166
Decrease by 200 basis points
(2,045) (1,636) (208) (166)
c) Financial instruments price risk
Financial instruments price risk is the risk that movements in market prices resulting from factors associated with
an issuer of financial instruments (specific risk) and general changes in the market prices of financial instruments
(general risk) will affect the fair value or future cash flows of a financial instrument and, as a result, the Group’s
profitability.
Financial instruments price risk for financial instruments held within the Group’s financial assets at fair value
through profit or loss is managed: (a) through maintaining a diversified structure of portfolios; and (b) by setting
position limits (i.e. limits restricting the total amount of an investment or maximum mismatch between respective
assets and liabilities) as well as stop-loss and call-level limits, in addition to these, the Group sets limits on a
maximum duration of debt financial instruments. When necessary the Group establishes margin and collateral
requirements.
Financial instruments price risk is managed primarily through daily mark-to-market procedures, sensitivity analysis
and control of limits established for various types of financial instruments.
Sensitivity to changes in other prices is estimated using the Value at Risk (VaR) methodology. This is a way to
assess potential losses that may occur at a risk position as a result of changes in market rates and prices in a certain
period of time with a given level of confidence.
VaR estimates in respect of financial assets at fair value through profit or loss and available-for-sale financial assets
are as follows:
Year ended 31 December 2021 Year ended 31 December 2020
Impact on profit
before tax
Impact on
equity
Impact on profit
before tax
Impact
on equity
Fixed income securities price risk
741 593
499 399
Equity securities price risk
- -
1 1
Total price risk
741 593
500 400
Credit risk
The Group exposes itself to credit risk, which is the risk that one party to a financial instrument will cause a financial
loss for the other party by failing to meet an obligation.
Exposure to credit risk arises as a result of the Group’s lending and other transactions with counterparties, giving
rise to financial assets and off-balance sheet credit-related commitments.
The Group’s maximum exposure to credit risk is reflected in the carrying amounts of financial assets in the
consolidated statement of financial position. For financial guarantees issued, commitments to extend credit, undrawn
credit lines and export/import letters of credit, the maximum exposure to credit risk is the amount of the commitment.
The estimation of credit risk for risk management purposes is complex and involves the use of models, as the risk
varies depending on market conditions, expected cash flows and the passage of time. The assessment of credit risk
for a portfolio of assets entails further estimations of the likelihood of defaults occurring, the associated loss ratios
and default correlations between counterparties.
Expected credit loss (ECL) measurement. ECL is a probability-weighted estimate of the present value of future cash
shortfalls (i.e., the weighted average of credit losses, with the respective risks of default occurring in a given time
period used as weights). An ECL measurement is unbiased and is determined by evaluating a range of possible
outcomes. ECL measurement is based on four components used by the Group: Probability of Default (“PD”),
Exposure at Default (“EAD”), Loss Given Default (“LGD”) and Discount Rate.

TATNEFT
Notes to the Consolidated Financial Statements
(In million of Russian Rubles)
66
Note 29: Financial risk management (continued)
EAD is an estimate of exposure at a future default date, taking into account expected changes in the exposure after
the reporting period, including repayments of principal and interest, and expected drawdowns on committed
facilities. The EAD on credit related commitments is estimated using Credit Conversion Factor (“CCF”). CCF is a
coefficient that shows the probability of conversion of the committed amounts to an on-balance sheet exposure
within a defined period.
PD an estimate of the likelihood of default to occur over a given time period. LGD is an estimate of the loss arising
on default. It is based on the difference between the contractual cash flows due and those that the lender would
expect to receive, including from any collateral. It is usually expressed as a percentage of the EAD. The expected
losses are discounted to present value at the end of the reporting period. The discount rate represents the effective
interest rate (“EIR”) for the financial instrument or an approximation thereof.
Expected credit losses are modelled over instrument’s lifetime period. The lifetime period is equal to the remaining
contractual period to maturity of debt instruments, adjusted for expected prepayments, if any. For loan commitments
and financial guarantee contracts, it is the contractual period over which an entity has a present contractual obligation
to extend credit.
Management models Lifetime ECL, that is, losses that result from all possible default events over the remaining
lifetime period of the financial instrument. The 12-month ECL, represents a portion of lifetime ECLs that result
from default events on a financial instrument that are possible within 12 months after the reporting period, or
remaining lifetime period of the financial instrument if it is less than a year.
The ECLs that are estimated by management for the purposes of these financial statements are point-in-time
estimates, rather than through-the-cycle estimates that are commonly used for regulatory purposes. The estimates
consider forward-looking information, that is, ECLs reflect probability weighted development of key
macroeconomic variables that have an impact on credit risk.
The ECL modelling does not differ for Purchased or Originated Credit Impaired (“POCI”) financial assets, except
that (a) gross carrying value and discount rate are based on cash flows that were recoverable at initial recognition of
the asset, rather than based on contractual cash flows, and (b) the ECL is always a lifetime ECL. POCI assets are
financial assets that are credit-impaired upon initial recognition, such as impaired loans acquired in a past business
combination.
Credit risk management. Credit risk is the single largest risk for the Group's business; management therefore
carefully manages its exposure to credit risk.
An assessment is performed at each reporting date to identify a significant increase in credit risk since initial recognition
of a financial instrument. Such assessment is performed on the basis of qualitative and quantitative information:
 Quantitative assessment is performed on the basis of a change in risk of default arising over the expected
lifetime of a financial asset.
 Qualitative assessment implies that a number of factors are important for assessing significant increase in
credit risk (restructuring indicative of problems, establishing favourable schedule for repaying loan interest
and principal, significant changes in expected results of operations and behaviour of a borrower and other
material changes).
Financial assets move from Stage 1 to Stage 2 if there is one or a combination of the following factors:
 financial assets are over 30 days overdue;
 credit rating deteriorates;

there are early warning indicators of an increase in credit risk; a need to change previously agreed on terms
of the agreement to create more favourable environment for a customer due to his inability to meet current
liabilities because of the customer’s financial position; full or partial refinancing of the current debt which
would not be required if the client did not experience financial difficulties;
 a customer has no rating at the reporting date;
 information on future changes in assets that may result in credit losses not considered in the rating systems
is identified (e.g. military conflicts in the region that may have a significant impact on future credit quality).

TATNEFT
Notes to the Consolidated Financial Statements
(In million of Russian Rubles)
67
Note 29: Financial risk management (continued)
A default is recognised if one or a combination of the following events occur:
 financial assets are over 90 days overdue (a rebuttable presumption);
 a default rating is assigned;
 restructuring indicative of problems is undertaken;
 a favourable schedule for repaying interest and principal with payments to be made at the end of the term
is granted.
Non-banking activities credit risk management
Credit risk arises from cash and cash equivalents, bank deposits, loans and notes receivables, as well as credit
exposures to customers including outstanding trade and other receivables.
Credit risks related to accounts receivable are systematically monitored taking into account the customer’s financial
position, past experience and other factors. Management systematically reviews ageing analysis of receivables and
uses this information for calculation of expected credit losses. A significant portion of the Group’s accounts
receivable is due from domestic and export trading companies. The Group does not always require collateral to limit
the exposure to loss; however, in most cases letters of credit and prepayments are used, especially with respect to
accounts receivables from non-CIS sales of crude oil. The Group operates with various customers and a substantial
part of its sales relate to major customers. Although collection of accounts receivable could be influenced by
economic factors affecting these customers, management believes there is no significant risk of loss to the Group
beyond the provisions already recorded. Credit risk analysis for accounts receivable is presented in Note 7.
The Group performs an ongoing assessment and monitoring of the risk of default. In addition, as part of its cash
management and credit risk function, the Group regularly evaluates the creditworthiness of financial and banking
institutions where it deposits cash. The Group deposits available cash mostly with financial institutions in the
Russian Federation. To manage this credit risk, the Group allocates its available cash to a variety of Russian banks.
Management periodically reviews the credit worthiness of the banks in which it deposits cash.
Banking activities credit risk management
The Group’s credit risk policies prescribe its acceptance only through formalized procedures and only based on
decisions of the authorized collegial body. The Bank ZENIT has a system of credit committees responsible for
making credit decisions, the main objective of which is to create a high-quality loan portfolio that ensures the
implementation of the strategy, credit policies and risk management policies. The credit committees of Bank ZENIT,
authorized to make credit decisions, have a clear segmentation according to business lines, lending segments and
the amount of authority.
Credit committees and their level of responsibility in respect of approval of maximum exposures on a borrower or
group of related borrowers are as follows:
Name of committee
Maximum exposure allowed to be
approved, RR million
Assets and liabilities management committee Not limited*
Credit committee Not limited*
Credit committee on small and medium-sized business borrowers 400
Credit committee on retail lending 100
Project management committee Not limited
Small project management committee 25
* Within the limits of standards N6 and N25
The Group structures the level of credit risk it undertakes by placing the appropriate limits. Limits are set by the
Group on an individual (for example, for specific customers and counterparties), group and portfolio basis (for
example, industry and regional limits, limits on types of operations, etc.).
Internal regulations on financial analysis and risk assessment are created and applied to each segment of the lending
activity, including lending to legal entities, individuals, small and medium-sized businesses and other categories of
borrowers.
To reduce the level of risk, the Group accepts collateral in the form of pledges, sureties and guarantees. In case of
acceptance of a surety, the Group performs a financial analysis of the guarantor. The assessment of collateral is
performed internally by special division responsible for collateral assessment and control. They use several
methodologies developed for each type of collateral.
Valuations performed by third parties, including independent appraisal firms authorized by the Group, may serve as
additional data for such assessment. The Group usually requires collateral to be insured by insurance companies
authorized by the Group.

TATNEFT
Notes to the Consolidated Financial Statements
(In million of Russian Rubles)
68
Note 29: Financial risk management (continued)
Credit risk for off-balance sheet financial instruments is defined as the possibility of sustaining a loss as the result
of another party to a financial instrument failing to perform in accordance with the terms of the contract. The Group
uses the same credit policies in assuming conditional obligations as it does for on balance sheet financial instruments,
through established credit approvals, risk control limits and monitoring procedures.
Risk management departments monitor compliance with the requirements of external and internal polices of risk
assessment, credit decision making, authority to make credit decisions, and work with collaterals.
To quantify the credit risk, the Group uses internal models (rating systems). In the absence of a model, the assessment
can be carried out in one of the alternative ways:
 based on the average values obtained on the internal statistics;
 using external ratings of international rating agencies (S&P, Fitch, Moody`s).
The system of internal ratings is continuously updated and developed. The information accumulated over this period
provides a sound ground for assessment of ratings migration and allows the Group to calibrate corresponding
parameters of default probability.
The Group updates and validates internal models and approaches on a periodic basis, but at least once a year. For
the purpose of information disclosure, assets are grouped in one of the 6 credit quality rating categories in order of
credit quality deterioration (credit risk increase) in accordance with the approaches outlined below:
Rating
group
PD interval
Corresponding
ratings of S&P
Description
I <0.36% «AAA»…«BB+»
Minimal credit risk
II [0.36%; 1.51%) «BB»…«BB-»
Low credit risk
III [1.51%; 7.51%) «B+»…«B-»
Medium credit risk
IV [7.51%; 20%) «CCC+»
Potentially high credit risk
V [20%; 100%) «CCC»…«C»
High credit risk
VI 100.00% «D»
Default assets
Credit risk monitoring has an important role in maintaining the quality of loans at least as good as at the moment of
credit limits approval, in preventing losses on the formed portfolio in excess of planned norms and consists in:
 structured and continuous monitoring of the implementation of financial and non-financial covenants;
 carrying out, with an established frequency, regular inspections of the volume, type and conditions of
maintenance of the pledged items, its validity and insurance;
 conducting a quarterly analysis of the financial and economic activities of the borrower and monitoring its
financial position;
 carrying out a full annual risk review according to the established limits with a full-scale, comprehensive
reassessment of the key risks of the counterparty/issuer/company/group of companies (holding) that
includes the borrower, its financial stability and solvency, taking into account the market situation;
 monitoring of problematic signals in order to promptly respond and minimize risks at an early stage;
 monitoring of proper loan maintenance and repayment (tranches);
 analysis of actual exposures versus established limits;
 control over compliance with internal policies, procedures, instructions and orders issued by respective
management bodies;
 monitoring of macroeconomic parameters in order to check the adequacy of risk assessment and forecast.
In order to ensure financial stability, forecast expected losses, plan capital requirements, calculate risk-appetite
limits, the Group performs periodic stress-testing of credit risk. The stress-testing tool includes regression models
based on macroeconomic factors. A mandatory condition for the application of regression models is their high
quality, confirmed by the results of validation.
The Group’s divisions carry out loan maturity analysis and follow-up control over overdue balances.
For more detailed analyses please refer to: https://www.zenit.ru/en/#investor_en

TATNEFT
Notes to the Consolidated Financial Statements
(In million of Russian Rubles)
69
Note 29: Financial risk management (continued)
Credit risk analysis on banking and non-banking operations of the Group
The Group uses the following rating categories for the analysis of credit quality of assets other than loans to
customers and accounts receivable:
 investment grade ratings classification referred to as Aaa to Baa3 for Moody’s Investment Services, as
AAA to BBB- for Fitch Rating and as AAA to BBB- for Standard and Poor’s Rating, respectively;
 non-investment grade ratings classification referred to as Ba1 to C for Moody’s Investment Services, as
BB+ to D for Fitch Rating and as BB+ to D for Standard and Poor’s Rating, respectively.
The following table contains an analysis of the credit risk exposure of cash and cash equivalents including mandatory
reserve deposits with the Bank of Russia. The carrying amount also represents the Group's maximum exposure to
credit risk on these financial assets.
At 31 December 2021
Stage 1
(12-months
ECL)
Stage 2
(lifetime
ECL for
SICR)
Stage 3
(lifetime
ECL for
credit im-
paired)
POCI Total
Cash on hand and cash in banks
- Investment grade rating 46,750 - - - 46,750
- Non-investment grade rating 859 - - - 859
- Unrated 1,328 - - - 1,328
Gross carrying amount 48,937 - - - 48,937
Credit loss allowance - - - - -
Carrying amount 48,937 - - - 48,937
Term deposits with original maturity of less than
three months
- Investment grade rating 562 - - - 562
- Non-investment grade rating 9,150 - - - 9,150
- Unrated 303 - - - 303
Gross carrying amount
10,015
- - -
10,015
Credit loss allowance
-
- - -
-
Carrying amount
10,015
- - -
10,015
Due from banks
- Investment grade rating 7,535 - - - 7,535
- Non-investment grade rating - - - - -
- Unrated - - - - -
Gross carrying amount
7,535
- - -
7,535
Credit loss allowance
-
- - -
-
Carrying amount
7,535
- - -
7,535
Banking: Mandatory reserve deposits with the
Bank of Russia
- Investment grade rating 1,429 - - - 1,429
- Non-investment grade rating - - - - -
- Unrated - - - - -
Gross carrying amount
1,429
- - -
1,429
Credit loss allowance
-
- - -
-
Carrying amount
1,429
- - -
1,429

TATNEFT
Notes to the Consolidated Financial Statements
(In million of Russian Rubles)
70
Note 29: Financial risk management (continued)
At 31 December 2020
Stage 1
(12-months
ECL)
Stage 2
(lifetime
ECL for
SICR)
Stage 3
(lifetime
ECL for
credit im-
paired)
POCI Total
Cash on hand and cash in banks
- Investment grade rating 29,237 - - - 29,237
- Non-investment grade rating 226 - - - 226
- Unrated 1,272 - - - 1,272
Gross carrying amount 30,735 - - - 30,735
Credit loss allowance
-
- - -
-
Carrying amount 30,735 - - - 30,735
Term deposits with original maturity of less than
three months
- Investment grade rating 911 - - - 911
- Non-investment grade rating 6,073 - - - 6,073
- Unrated 258 - - - 258
Gross carrying amount
7,242
- - -
7,242
Credit loss allowance
-
- - -
-
Carrying amount
7,242
- - -
7,242
Due from banks
- Investment grade rating 2,128 - - - 2,128
- Non-investment grade rating - - - - -
- Unrated - - - - -
Gross carrying amount
2,128
- - -
2,128
Credit loss allowance
-
- - -
-
Carrying amount
2,128
- - -
2,128
Banking: Mandatory reserve deposits with the
Bank of Russia
- Investment grade rating 1,528 - - - 1,528
- Non-investment grade rating - - - - -
- Unrated - - - - -
Gross carrying amount
1,528
- - -
1,528
Credit loss allowance
-
- - -
-
Carrying amount
1,528
- - -
1,528

TATNEFT
Notes to the Consolidated Financial Statements
(In million of Russian Rubles)
71
Note 29: Financial risk management (continued)
The following table contains an analysis of the credit risk exposure of other financial assets measured at amortised
cost and measured at fair value through other comprehensive income for which ECL allowance is recognised other
than cash and cash equivalents including mandatory reserve deposits with the Bank of Russia, loans to customers
and accounts receivable. The carrying amount also represents the Group’s maximum exposure to credit risk on these
financial assets.
At 31 December 2021
Stage 1
(12-months
ECL)
Stage 2
(lifetime
ECL for
SICR)
Stage 3
(lifetime
ECL for
credit im-
paired)
POCI Total
Notes receivable
- Investment grade rating - - - - -
- Non-investment grade rating - - - - -
- Unrated - - 318 - 318
Gross carrying amount - - 318 - 318
Credit loss allowance - - (318) - (318)
Carrying amount - - - - -
Other loans
- Investment grade rating - - - - -
- Non-investment grade rating - - - - -
- Unrated - 1,474 24,262 - 25,736
Gross carrying amount - 1,474 24,262 - 25,736
Credit loss allowance - (92) (23,361) - (23,453)
Carrying amount - 1,382 901 - 2,283
Loans to employees
- Investment grade rating - - - - -
- Non-investment grade rating - - - - -
- Unrated - - 2,716 - 2,716
Gross carrying amount
-
-
2,716
-
2,716
Credit loss allowance - -
(1,776)
-
(1,776)
Carrying amount
-
-
940
-
940
Bank deposits
- Investment grade rating 3,777 - - - 3,777
- Non-investment grade rating 52,715 - - - 52,715
- Unrated - - 5,547 - 5,547
Gross carrying amount
56,492 - 5,547 - 62,039
Credit loss allowance
- - (5,547) - (5,547)
Carrying amount
56,492 - - - 56,492
Due from banks
- Investment grade rating 653 - - - 653
- Non-investment grade rating 4,762 - - - 4,762
- Unrated - - 39 - 39
Gross carrying amount
5,415
- 39 -
5,454
Credit loss allowance
-
- (39) -
(39)
Carrying amount
5,415
- - -
5,415

TATNEFT
Notes to the Consolidated Financial Statements
(In million of Russian Rubles)
72
Note 29: Financial risk management (continued)
At 31 December 2021
Stage 1
(12-months
ECL)
Stage 2
(lifetime
ECL for
SICR)
Stage 3
(lifetime
ECL for
credit im-
paired)
POCI Total
Debt securities measured at amortised cost
- Investment grade rating 9,292 - - - 9,292
- Non-investment grade rating 17,055 - - - 17,055
- Unrated - - - - -
Gross carrying amount
26,347
- - -
26,347
Credit loss allowance
(59)
- - -
(59)
Carrying amount
26,288
- - -
26,288
Debt securities measured at fair value through
other comprehensive income
- Investment grade rating 1,866 - - - 1,866
- Non-investment grade rating 27,734 - - - 27,734
- Unrated 359 - - - 359
Gross carrying amount
29,959
- - -
29,959
Credit loss allowance
(90)
- - -
(90)
Carrying amount
29,869
- - -
29,869

TATNEFT
Notes to the Consolidated Financial Statements
(In million of Russian Rubles)
73
Note 29: Financial risk management (continued)
At 31 December 2020
Stage 1
(12-months
ECL)
Stage 2
(lifetime
ECL for
SICR)
Stage 3
(lifetime
ECL for
credit im-
paired)
POCI Total
Notes receivable
- Investment grade rating - - - - -
- Non-investment grade rating - - - - -
- Unrated - - 318 - 318
Gross carrying amount - - 318 - 318
Credit loss allowance - - (318) - (318)
Carrying amount - - - - -
Other loans
- Investment grade rating - - - - -
- Non-investment grade rating - - - - -
- Unrated 73 1,315 31,739 - 33,127
Gross carrying amount 73 1,315 31,739 - 33,127
Credit loss allowance - (92) (24,471) - (24,563)
Carrying amount 73 1,223 7,268 - 8,564
Loans to employees
- Investment grade rating - - - - -
- Non-investment grade rating - - - - -
- Unrated - - 2,698 - 2,698
Gross carrying amount
-
-
2,698
-
2,698
Credit loss allowance - -
(1,717)
-
(1,717)
Carrying amount
-
-
981
-
981
Bank deposits
- Investment grade rating - - - - -
- Non-investment grade rating 10,000 - - - 10,000
- Unrated - - 5,547 - 5,547
Gross carrying amount
10,000 - 5,547 - 15,547
Credit loss allowance
- - (5,547) - (5,547)
Carrying amount
10,000 - - - 10,000
Due from banks
- Investment grade rating 208 - - - 208
- Non-investment grade rating 2,201 - - - 2,201
- Unrated - - 39 - 39
Gross carrying amount
2,409
- 39 -
2,448
Credit loss allowance (18) - (39) - (57)
Carrying amount
2,391
- - -
2,391

TATNEFT
Notes to the Consolidated Financial Statements
(In million of Russian Rubles)
74
Note 29: Financial risk management (continued)
At 31 December 2020
Stage 1
(12-months
ECL)
Stage 2
(lifetime
ECL for
SICR)
Stage 3
(lifetime
ECL for
credit im-
paired)
POCI Total
REPO with banks
- Investment grade rating 1,551 - - - 1,551
- Non-investment grade rating - - - - -
- Unrated - - - - -
Gross carrying amount 1,551 - - - 1,551
Credit loss allowance - - - - -
Carrying amount 1,551 - - - 1,551
Debt securities measured at amortised cost
- Investment grade rating 26,929 - - - 26,929
- Non-investment grade rating 6,863 - - - 6,863
- Unrated 244 - - - 244
Gross carrying amount
34,036
- - -
34,036
Credit loss allowance
(128)
- - -
(128)
Carrying amount
33,908
- - -
33,908
Debt securities measured at fair value through
other comprehensive income
- Investment grade rating 18,595 - - - 18,595
- Non-investment grade rating 1,723 - - - 1,723
- Unrated 474 - - - 474
Gross carrying amount
20,792
- - -
20,792
Credit loss allowance
(32)
- - -
(32)
Carrying amount
20,760
- - -
20,760
Within short term bank deposits there are RR 5,547 million of deposits placed with Tatfondbank. In March 2017,
by the order of the Bank of Russia the license to conduct banking operations was withdrawn from Tatfondbank. At
31 December 2021 and 2020 the Group created a provision for impairment of deposits placed with Tatfondbank in
the amount of RR 5,547 million.

TATNEFT
Notes to the Consolidated Financial Statements
(In million of Russian Rubles)
75
Note 29: Financial risk management (continued)
Liquidity risk
Liquidity risk is the risk that the Group will not be able to meet its financial obligations as they fall due.
Non-banking operations liquidity risk management
The Group’s approach to managing liquidity is to ensure that it will always have sufficient liquidity to meet its
liabilities when due, under both normal and stressed conditions, without incurring unacceptable losses or risking
damage to the Group‘s reputation. In managing its liquidity risk, the Group maintains adequate cash reserves and
debt facilities, continuously monitors forecast and actual cash flows and matches the maturity profiles of financial
assets and liabilities on non-banking activities.
The Group prepares various financial plans (monthly, quarterly and annually) which ensures that the Group has
sufficient cash on demand to meet expected operational expenses, financial obligations and investing activities for
a period of 30 days or more. To fund cash requirements of a more permanent nature, the Group will normally raise
long-term debt in available international and domestic markets.
Banking operations liquidity risk management
The objective of liquidity risk management is to ensure the stable operations of all banks of the Group, the possibility
of uninterrupted operations in accordance with the Group's business plans, including the timely fulfilment of all
obligations to customers and counterparties related to making payments, as well as minimising the negative impact
on financial results, own funds (capital), the Group's reputation for a possible liquidity deficit. Also, the priority
objective of liquidity risk management is to ensure that all banks of the Group comply with the mandatory liquidity
ratios established by the Central Bank of Russia.
The Group’s approach to banking operations liquidity management is to ensure, as far as possible, that it will have
sufficient liquidity to meet its liabilities when due under both ordinary and stressed conditions, without incurring
unacceptable losses or damaging the Group’s reputation.
In respect to the banking segment The Group endeavors to maintain a stable and diversified funding base including
core corporate and individual customer accounts; short-, medium- and long-term loans from other banks; promissory
notes and bonds issued. On the other hand, the Group tends to keep diversified portfolios of liquid and highly liquid
assets in order to be able to settle unforeseen liquidity requirements in an efficient and timely manner.
Key parameters in liquidity risk management such as the structure of assets and liabilities, composition of liquid
assets and acceptable liquidity risks are established by Assets and Liabilities Management Committee (ALCO).
ALCO sets and reviews limits on liquidity gaps which are assessed on the basis of liquidity stress-tests in regard to
the available resource base. These tests are performed using the following information:
 current structure of assets and liabilities including any known renewal arrangements as at the date of the
respective test;
 amounts, maturity and liquidity profiles of transactions projected by business units;
 current and projected characteristics of liquid assets which include, apart from cash and cash equivalents,
amounts due from other banks and certain financial assets held-for-trading; and
 relevant external factors.
The resulting models allow for the assessment of future expected cash flows due to projected future business and
different crisis scenarios. While managing liquidity risk financial departments of the Group distinguish liquidity
required within a current business day and term liquidity. For managing current liquidity (with a 1-day horizon) the
following methods are used:
 reallocation of cash between accounts with other banks;
 collection of information from business and other supporting un
its on large transactions (both proprietary
and customer based);
 purchase and sale of certain financial assets in liquid portfolios;
 accelerating closure of trade positions;
 estimation of minimum expected cash inflow during a business day; and
 daily control over the balance of cash and estimated liabilities to be settled on demand.

TATNEFT
Notes to the Consolidated Financial Statements
(In million of Russian Rubles)
76
Note 29: Financial risk management (continued)
The monitoring of the current and forecasted state of urgent liquidity is carried out by the financial department of
Bank daily on the basis of calculating the sufficiency of highly liquid assets to cover planned and unplanned outflows
and meeting resource requirements for a period of up to 30 days. In the normal course of business, liquidity reports
reflecting the current and projected structure of assets and liabilities, taking into account the model of daily minimum
balance on current accounts by currency based on an analysis of historical dynamics, as well as expected future cash
flows are regularly reported to ALCO. Liquidity management decisions made by the ALCO are implemented by
financial department as part of their duties.
The share of liquid assets is maintained at a level sufficient to meet obligations to customers and counterparties of
Bank ZENIT, which can significantly reduce liquidity risks and non-market funding rates.
To maintain instant liquidity, limits are open on Bank ZENIT by a significant number of Russian banks. In addition,
the liquidity risk is minimized by the Bank ZENIT’s ability to raise funds from the Bank of Russia within the
framework of the refinancing system and state support for the financial sector, as well as established liquidity
management policies and technologies that provide for stress approaches in estimating future cash flows.
In accordance with the Group's Liquidity Management Policy, the basic principle of liquidity management is risk
limiting, in particular, using the required liquid assets limit. If necessary (changing the financial situation in the
markets or at Bank ZENIT), other limits (for counterparties, financial instruments, etc.) included in the Bank
ZENIT’s limit structure can be used to manage liquidity.

TATNEFT
Notes to the Consolidated Financial Statements
(In million of Russian Rubles)
77
Note 29: Financial risk management (continued)
Liquidity analysis for banking and non-banking operations of the Group
The following tables summarise the maturity profile of the Group’s financial liabilities based on contractual
undiscounted payments, including interest payments:
At 31 December 2021
Less than 1 year Between 1
and 5 years
Over
5 years
Total
Financial liabilities
Trade and other financial payables
Trade payables
54,113 - - 54,113
Dividend payable
22,984 - - 22,984
Current portion of lease liability
2,992 - - 2,992
Lease obligations, net of current portion
- 8,916 8,621 17,537
Other payables
2,334 190 4 2,528
Banking: Other financial liabilities at fair
value through profit or loss 7,063 - - 7,063
Debt
Bonds issued
19,662 2,077 - 21,739
Subordinated debt
21 - - 21
Debt securities issued
563 5 2 570
Credit facilities
1,352 3,449 3,277 8,078
Other debt
2,202 333 558 3,093
Banking: Due to banks and the Bank of Russia
24,063 3,975 - 28,038
Banking: Customer accounts
138,915 15,958 6 154,879
Credit related commitments (Note 26)
28,864 22,808 2,817 54,489
Total
305,128 57,711 15,285 378,124
At 31 December 2020
Less than 1 year Between 1
and 5 years
Over
5 years
Total
Financial liabilities
Trade and other financial payables
Trade payables
55,028 - - 55,028
Dividend payable
823 - - 823
Current portion of lease liability
2,891 - - 2,891
Lease obligations, net of current portion
- 8,482 9,738 18,220
Other payables
2,183 433 7 2,623
Banking: Other financial liabilities at fair
value through profit o loss 1,764 - - 1,764
Debt
Bonds issued
1,470 23,490 - 24,960
Subordinated debt
21 - - 21
Debt securities issued
502 120 2 624
Credit facilities
3,008 2,708 2,239 7,955
Other debt
3,551 386 9 3,946
Banking: Due to banks and the Bank of Russia
14,400 1,777 275 16,452
Banking: Customer accounts
146,149 20,810 2,334 169,293
Credit related commitments (Note 26)
52,662 5,969 - 58,631
Total
284,452 64,175 14,604 363,231

TATNEFT
Notes to the Consolidated Financial Statements
(In million of Russian Rubles)
78
Note 29: Financial risk management (continued)
Fair values
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an ordinary transaction
between market participants at the measurement date. The estimated fair values of financial instruments are
determined with reference to various market information and other valuation techniques as considered appropriate.
The different levels of fair value hierarchy have been defined as follows:
Level 1 – Quoted prices in active markets for identical assets or liabilities that Group has the ability to assess at the
measurement date.
Level 2 - Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either
directly or indirectly.
Level 3 – Unobservable inputs for the asset or liability. These inputs reflect the Group‘s own assumptions about the
assumptions a market participant would use in pricing the asset or liability.
Recurring fair value measurements
The levels in the fair value hierarchy into which the recurring fair value measurements are categorised are as follows:
At 31 December 2021
Fair value
Level 1 Level 2 Level 3
Carrying value
Securities measured at fair value
through profit or loss
3,731 837 -
4,568
Other loans measured at fair value
through profit or loss
- - 4,251
4,251
Bank deposits at fair value through
profit or loss
- 33,465 -
33,465
Securities measured through other
comprehensive income
20,789 21,545 13,210
55,544
Investment property
- - 691
691
Banking: Other financial liabilities
measured at fair value through profit
or loss
(7,013) (50) -
(7,063)
Total
17,507 55,797 18,152 91,456
At 31 December 2020
Fair value
Level 1 Level 2 Level 3
Carrying value
Banking: Loans to customers
measured at fair value through profit
or loss
- - 2,044
2,044
Securities measured at fair value
through profit or loss
4,064 1,793 246
6,103
Other loans measured at fair value
through profit or loss
- - 5,079
5,079
Securities measured at fair value
through other comprehensive income
20,304 9,865 16,173
46,342
Investment property
- - 1,229
1,229
Banking: Other financial liabilities
measured at fair value through profit
or loss
(1,691) (73) -
(1,764)
Total
22,677 11,585 24,771 59,033

TATNEFT
Notes to the Consolidated Financial Statements
(In million of Russian Rubles)
79
Note 29: Financial risk management (continued)
The description of valuation technique and description of inputs used in the fair value measurement for Level 2 and
Level 3 measurements at 31 December 2021 и 2020:
Fair value hierarchy Valuation technique and key input data
Banking: Loans to customers at FVTPL Level 3
Discounted cash flow models adjusted at
credit risk
Securities at FVOCI
Level 2, Level 3 Quoted prices for similar investments in
active markets, net assets valuation,
comparative (market) approach /
Publicly available information,
comparable market prices/ discounted
cash flow models adjusted at credit risk
Other loans measured at FVTPL
Level 3 Discounted cash flow models adjusted at
credit risk
Deposits measured at FVTPL
Level 2
Discounted cash flow models adjusted at
market risk at floating rates
Securities at FVTPL
Level 2, Level 3 Quoted prices for similar investments in
active markets, net assets valuation,
comparative (market) approach /
Publicly available information,
comparable market prices / discounted
cash flow models adjusted at credit risk
Investment property
Level 3 Market data on comparable objects
adjusted in case of differences from
similar objects
Banking: Other financial liabilities at
FVTPL
Level 2
Discounted cash flow models adjusted at
credit risk
There were no changes in valuation technique for Level 2 and Level 3 recurring fair value measurements during the
years ended 31 December 2021 and 2020.There have been no transfers between Level 1, Level 2 and Level 3 during
2021 and 2020 year.

TATNEFT
Notes to the Consolidated Financial Statements
(In million of Russian Rubles)
80
Note 29: Financial risk management (continued)
Assets and liabilities not measured at fair value but for which fair value is disclosed
Fair values analysed by level in the fair value hierarchy and carrying value of assets and liabilities not measured at
fair value are as follows:
At 31 December 2021 At 31 December 2020
Fair value
Carrying
value
Fair value
Carrying
value Level 1 Level 2 Level 3 Level 1 Level 2 Level 3
Assets
Cash and cash equivalents
Cash on hand and in
banks 4,595 44,342 - 48,937 5,141 25,594 - 30,735
Term deposits - 10,015 - 10,015 - 7,242 - 7,242
Due from banks - 7,535 - 7,535 - 2,128 - 2,128
Banking: Mandatory
reserve deposits with the
Bank of Russia 1,429 - - 1,429 1,528 - - 1,528
Accounts receivable
Trade receivables - - 85,135 85,135 - - 79,872 79,872
Other financial
receivables - 1,202 3,432 4,634 - 681 4,502 5,183
Banking: Loans to
customers measured at
amortised cost - - 133,384 134,702 - - 100,230 99,611
Other financial assets
Bank deposits - 56,492 - 56,492 - 10,000 - 10,000
Due from banks - 5,486 - 5,415 - 2,460 - 2,391
REPO with banks - - - - - 1,551 - 1,551
Loans to employees - - 940 940 - - 981 981
Other loans measured
at amortised cost - - 2,283 2,283 - - 8,564 8,564
Securities measured at
amortised cost 20,266 5,791 - 26,288 25,675 9,455 - 33,908
Total financial assets 26,290 130,863 225,174 383,805 32,344 59,111 194,149 283,694
Liabilities
Trade and other financial
payables
Trade payables - - 54,113 54,113 - - 55,028 55,028
Dividend payable - - 22,984 22,984 - - 823 823
Current portion of lease
liabilities - - 2,838 2,838 - - 2,540 2,540
Other payables - - 2,528 2,528 - - 2,623 2,623
Non-current lease
liabilities - - 10,324 10,324 - - 10,679 10,679
Debt
Bonds issued 15,000 5,333 - 20,412 15,000 7,189 - 22,079
Subordinated debt - 21 - 21 - 21 - 21
Debt securities issued - 557 - 568 - 610 - 612
Credit facilities - - 8,078 8,078 - - 7,955 7,955
Other debt - - 3,093 3,093 - - 3,946 3,946
Banking: Due to banks
and the Bank of Russia 270 27,055 - 27,579 273 14,802 - 15,210
Banking: Customer
accounts - 46,373 104,447 151,429 - 148,307 - 148,625
Total financial liabilities 15,270 79,339 208,405 303,967 15,273 170,929 83,594 270,141

TATNEFT
Notes to the Consolidated Financial Statements
(In million of Russian Rubles)
81
Note 29: Financial risk management (continued)
The fair values in Level 2 fair value hierarchy were estimated using the discounted contractual cash flows and
observable interest rates for identical instruments. The fair values in Level 3 fair value hierarchy were estimated
using the discounted cash flows and observable interest rates for similar instruments with adjustment to credit risk
and maturity.
Reconciliation of liabilities arising from financing activities
The table below sets out an analysis of the movements in the Group’s liabilities from financing activities for each
of the periods presented. The items of these liabilities are those that are reported as financing in the consolidated
statement of cash flows:
Liabilities arising as a result of financing activities
Short-term
and long-
term debt
Bonds
issued
Subordinated
debt
Lease
liabilities Total
At 31 December 2019 17,182 21,857 1,287
14,191
54,517
Cash flow movement,
including:
Proceeds from issuance
of debt
218,758 - - - 218,758
Repayment of debt
(225,083) - - - (225,083)
Issuance of bonds
- 3,198 - - 3,198
Redemption of bonds,
subordinated debts
- (3,029) (1,545) - (4,574)
Repayment of principal
portion of lease liabilities
- - - (1,419) (1,419)
Interest paid
(1,009) (1,518) (240) (1,374) (4,141)
Foreign exchange
adjustments
1,017 - 276 - 1,293
Interest accrual
1,033 1,594 243 1,374 4,244
Other non-cash flows
3 (23) - 447 427
At 31 December 2020
11,901 22,079 21 13,219 47,220
Cash flow movement,
including:
Proceeds from issuance
of debt 9,338 - - - 9,338
Repayment of debt
(9,689) - - - (9,689)
Issuance of bonds,
obtaining subordinated
debts - 50 - - 50
Redemption of bonds,
subordinated debts - (1,713) - - (1,713)
Repayment of principal
portion of lease liabilities - - - (1,440) (1,440)
Interest paid
(235) (1,478) (99) (1,228) (3,040)
Foreign exchange
adjustments (268) - - - (268)
Interest accrual
219 1,471 99 1,228 3,017
Other non-cash flows
(95) 3 - 1,383 1,291
At 31 December 2021 11,171 20,412 21 13,162 44,766

TATNEFT
Notes to the Consolidated Financial Statements
(In million of Russian Rubles)
82
Note 29: Financial risk management (continued)
Management of Capital
The primary objective of the Group’s capital management is to ensure that it maintains a strong credit rating and
healthy capital ratios in order to support its business and increase shareholder value. The Group manages its capital
structure and makes adjustments to it, in light of changes in economic conditions.
The Group defines capital under management as the total Group shareholders’ equity as shown in the consolidated
statement of financial position. The amount of capital that the Group managed as at 31 December 2021 was
RR 938,388 million (2020: RR 827,672 million). The Group manages capital for banking and non-banking
operations separately.
Non-banking operations capital management
The Group considers equity and debt to be the principal elements of capital management. In order to maintain or
adjust the capital structure, the Group may adjust the dividend payment to shareholders, revise its investment
program, attract new or settle existing debt or sell certain non-core assets.
The Group monitors capital on the basis of its gearing ratio.
Year ended
31 December 2021
Year ended
31 December 2020
Consolidated total borrowings excluding borrowings of
Bank ZENIT:
26,171 26,901
- Bonds issued
15,000 15,000
- Credit facilities
8,078 7,955
- Other debt
3,093 3,946
Consolidated shareholders’ equity
938,388 827,672
Debt to capital employed ratio, % (Consolidated total
borrowings / Consolidated shareholders’ equity)
2,8% 3.3%
Banking operations capital management
The Bank ZENIT’s objectives when managing capital are (i) to comply with the capital requirements set by the
Central Bank of the Russian Federation, (ii) to safeguard the Group’s ability to continue as a going concern and (iii)
to maintain a sufficient capital base to achieve a capital adequacy ratio based on the Basel Accord of at least 8%.
Compliance with capital adequacy ratios set by the Central Bank of the Russian Federation is monitored by the
Management of Bank ZENIT on a daily basis. Other objectives of capital management are evaluated annually. Under
the current capital requirements set by the Central Bank of Russia, banks have to maintain a ratio of regulatory
capital to risk weighted assets (“statutory capital ratio”) above a prescribed minimum level. Bank ZENIT is also
subject to minimum capital requirements established by loan covenants, including capital adequacy level of 8%
calculated in accordance with Basel I and IFRS, and Tier 1 capital adequacy ratio of 6%. Bank ZENIT has complied
with all externally imposed capital requirements throughout 2021 and 2020.
In September 2015 Bank ZENIT received five subordinated loans totalling RR 9,933 million from DIA within the
Russian Federation Government programme for additional capitalisation of Russian banks. Under the terms of these
subordinated loan agreements DIA paid these loans by securities (OFZ of five series), that should be returned upon
maturity of the subordinated loans. These subordinated loans mature from January 2025 to November 2034 and bear
interest equal to OFZ coupon rate plus 1%. In accordance with IFRS 9 if securities are loaned under an agreement
to return them to the transferor, they are not derecognised because the transferor retains substantially all the risks
and rewards of ownership. Accordingly, the obligation to return the securities should not be recognised. Therefore,
OFZ and the subordinated loan received from DIA are not recognised within assets and liabilities in the consolidated
statement of financial position. These subordinated loans are accounted for in capital adequacy ratio calculation in
accordance with Bank of Russia’s Regulation No. 646-P.

TATNEFT
Notes to the Consolidated Financial Statements
(In million of Russian Rubles)
83
Note 30: Subsequent events
In February-March 2022, due to the aggravation of the geopolitical situation related to Ukraine, a significant
expansion of US, EU, UK and other sanctions against Russia, companies and citizens associated with Russia,
decisions of a number of international companies to suspend or abandon their activities in Russia or cooperate with
clients in Russia, the operating conditions of the Group have deteriorated at the time of publication of this report.
The Russian authorities are taking steps to prevent capital outflows and stabilize markets. At the moment, it is
impossible to determine to what extent the current conditions will affect the Group's operating and financial
performance, how long the increased volatility will persist, and at what level economic and other indicators may
stabilize.
Further expansion of sanctions, including against the financial and energy sectors of the Russian economy,
which may affect the Group's operations, cannot be ruled out. The Russian authorities have introduced restrictions
on payments to a number of foreign creditors and shareholders, which may last for a certain time. In the current
environment, Russia's GDP is expected to contract in 2022, the size and impact of which remain uncertain.
The Company's management constantly monitors the development of the situation and takes all necessary actions to
reduce and level emerging risks, ensure uninterrupted operations and maintain the financial stability of the Group.
The Group is characterized by a low level of debt and, although the current uncertainty may affect the Group's future
profitability and cash flows in the near future, management believes this will not affect the Group's ability to continue
as a going concern and meet its obligations for the foreseeable future.