Igor Sechin: Realignment of routes to Asia-Pacific markets and stable oil exports ensure resilience of the Russian economy

The reorganisation of logistics routes to Asia-Pacific markets and stable oil exports have played a major role in ensuring the sustainability of the Russian economy, said Igor Sechin, Executive Secretary of the Presidential Commission on the Strategy for the Development of the Fuel and Energy Complex and Environmental Safety, Chief Executive Officer of Rosneft.

Speaking at the opening of the VI Russian-Chinese Energy Business Forum, he noted that the Russian economy has successfully overcome external challenges and demonstrated a high degree of adaptability in the face of unprecedented sanctions pressure from the West.

"GDP growth in the first quarter of 2024 was 5.4 per cent year-on-year, and the industrial production index increased by 5.6 per cent. Undoubtedly, the realignment of logistics routes to APAC markets and stable oil exports have played an important role in ensuring the sustainability of the Russian economy," Sechin said.

According to him, the West is closely following the successes of Russia and China and is trying to slow down our countries' development in every possible way. The latest blatant example of this is the sharp increase in tariffs imposed by the United States and the European Union on clean energy goods, equipment and components from China. As the Chinese Foreign Ministry rightly pointed out, according to US logic, the subsidies they provide are considered 'essential industrial investment', while subsidies from other countries are considered 'alarmingly unfair competition'," Igor Sechin noted.

Rosneft
Information Division
July 23, 2024