Published on: 2026-06-17
Source: Rosneft – An important disclaimer is at the bottom of this article.
The oil sector remains a key donor of the Russian economy, said Igor Sechin, the Secretary of the Commission under the President of the Russian Federation on Fuel and Energy Complex Strategy and Environmental Security, speaking with a keynote report at the Energy Panel within the framework of SPIEF-2026.
“The oil sector remains a key donor to the Russian economy: it accounts for about 40% of all export revenue and creates a significant multiplicative effect, ensuring demand for products from other industries,” he said.
As confirmation, Sechin provided data: last year, the total tax revenues from the oil and gas complex and related industries amounted to about 17 trillion rubles — almost a quarter of the revenues of the consolidated budget.
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 interest rate level leads to a significant increase in debt servicing costs, which worsens financial stability,” said the responsible secretary of the TEK Commission.
“The inexplicable mechanism of the ruble exchange rate formation reduces the income of exporters and the Russian budget. According to calculations by the Russian Academy of Sciences, federal budget losses from the strengthening of the national currency amounted to more than two trillion rubles just last year,” said Igor Sechin.
In his opinion, pressure on the industry also causes a leading inflationary rise in tariffs by a natural monopoly, which increases inflationary risks and limits the development of the real economy.
“Sensible decisions on these issues will support the economy and quickly deliver results that are so necessary for our country,” Igor Sechin assured.
Department of Information and Advertising
PJSC “NK “Rosneft”
June 6, 2026
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