The oil sector remains the key donor of the Russian economy, 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, speaking with a keynote report at the Energy Panel during SPIEF-2026.

"The oil sector remains a key donor to the Russian economy: it generates about 40% of all export revenue and creates a significant multiplier effect, ensuring demand for products from other industries," he shared.

In confirmation, Sechin provided following data: last year, the total tax revenues of the oil and gas complex and related industries amounted to about 17 trillion rubles – almost a quarter of the consolidated budget revenues.

At the same time, Igor Sechin noted that the Russian oil and gas industry is affected not only by external restrictions but also by unfavorable macroeconomic conditions. " The current level of interest rates leads to a significant increase in debt servicing costs, which worsens financial stability," the Executive Secretary of the Commission on the Fuel and Energy Complex said. "The inexplicable mechanism for setting the ruble exchange rate reduced the incomes of exporters and the Russian budget. According to calculations of the Russian Academy of Sciences, the federal budget's losses from the strengthening of the national currency last year alone amounted to two trillion rubles," Igor Sechin stated.

In his opinion, pressure on the industry is also exerted by the growth of natural monopoly tariffs outstripping inflation, which increases pro-inflationary risks and limits the development of the real economy.

"Reasonable solutions of these issues will bolster the economy and quickly yield results which our country so desperately needs," Igor Sechin concluded.

Department of Information and Advertising
Rosneft Oil Company
June 6, 2026