The European Union seeks to increase the efficiency of oil purchases from Russia when it tries to push the reduction of the price cap on Russian oil, Rosneft CEO Igor Sechin said at the Energy Panel at the XXVIII St. Petersburg International Economic Forum.

During his keynote speech, the Company's CEO noted that the European Union continues to attempt forcing down the price cap on Russian oil to $45 per barrel.

“I believe that the real purpose of this is the EU's desire to increase the efficiency of its purchasing from Russia, not to reduce Russian budget revenues, as was publicly declared. Figures confirm this: according to Western experts, since the beginning of 2023, Europe has purchased more than 20 billion euros worth of Russian oil, thus becoming the fourth largest buyer,” Sechin said.

However, he believes it is obvious that the U.S. will not agree to lower the price ceiling because it would negatively affect the profitability of U.S. oil exports.

The CEO of Rosneft separately noted the situation in Saudi Arabia, saying that imports of Russian dark oil products after the start of sanctions restrictions allow the kingdom to effectively meet the feedstock needs of its energy industry without affecting oil exports. The volume of fuel oil and vacuum gasoil supplied to the country from Russia over the past 12 months is more than six times higher than four years ago.

According to Sechin, Indian refiners are using a similar approach today. India, the second-largest buyer of Russian oil, has nearly doubled its exports of oil products to Europe over the past three years.

“Many producing countries need an oil price much higher than current levels to balance their budgets. Thus, according to IMF calculations, in 2025 this price is more than $90 per barrel for Saudi Arabia's budget,” Sechin summarized.

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Rosneft Oil Company
June 21, 2025