Rosneft CEO Igor Sechin addressed changes in international trade, energy security and financial systems amid a shifting global landscape
St. Petersburg, Russia — The Energy Panel at the 2026 St. Petersburg International Economic Forum focused on the structural transformation of the global economy, including changes in international trade, energy security, financial systems and global governance.
During the session, Rosneft Oil Company Chief Executive Officer Igor Sechin presented his report, “The Beginning of the End or the End of the Beginning: What Remains at the Bottom of Pandora’s Box?” The address examined the evolving world order, the impact of sanctions policy, the changing role of international institutions, and potential risks for the global economy and energy sector.
Sechin noted that global markets are becoming increasingly fragmented, with international organizations facing growing challenges in coordinating responses to economic and geopolitical developments. He referred to institutions such as the United Nations, the World Trade Organization, the International Monetary Fund and the World Bank, saying their role as global regulators is being tested by the changing international environment.
A key part of the discussion focused on trade restrictions and sanctions. According to Sechin, restrictive measures have become a major factor influencing global commerce and competition. He said the volume of global trade affected by such measures has increased significantly in recent years, while Russia has faced around 32,000 sanctions over the past 12 years.
The report also addressed risks linked to the Middle East and the Strait of Hormuz, a strategic corridor for oil, gas and fertilizer shipments. Sechin said potential disruptions in the region could have wider consequences for energy markets, logistics and food prices.
Against this backdrop, Sechin highlighted the growing importance of alternative transport routes, including the Northern Sea Route. He said the route could provide additional logistics options for global trade by shortening cargo delivery times and reducing transportation costs.
Sechin also discussed changes in the global financial system, including the expansion of financial instruments and the search for alternative payment mechanisms. He noted that the increasing use of financial restrictions is encouraging countries to explore new settlement systems and reserve strategies.
The panel underscored the importance of energy security, infrastructure development and international cooperation as countries adapt to a more complex global economic environment.
