The blockade of the Strait of Hormuz is an attempt to change the regulation of the global energy market in the interests of the US, stated Igor Sechin, Executive Secretary of the Commission under the President of the Russian Federation for Strategic Development of the Fuel and Energy Sector and Environmental Security.

"The closure of the Strait of Hormuz is an attempt to reshape the regulation of the global energy market to benefit the United States. The measures undertaken to block the strait were aimed against Iran, but they backfired against the whole world. The strategic risks were underestimated," he said at the SPIEF-2026 Energy Panel. 

"As a result, the suffering is on consumers," emphasized Igor Sechin. " Western countries are experiencing a double price shock: besides electricity now it’s for motor fuel as well. Fuel prices in the United States have increased by more than 50%, and in Europe the price growth has exceeded 20%.," Sechin stated.

"According to experts, since the beginning of the conflict, the additional costs for American consumers on motor fuel have exceeded 40 billion US dollars. This figure is more than double the cost of the entire US transport electrification program. This is something worth considering for those advocating for sanctions against the Russian oil industry," summarized Sechin.

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Rosneft Oil Company
June 6, 2026