Sechin assessed the closure of the Strait of Hormuz as an attempt to change the regulation of the energy market in the interests of the United States.

The closure of the Strait of Hormuz is an attempt to change the regulation of the global energy market in the interests of the United States. This was stated by Igor Sechin, Executive Secretary of the Commission under the President of the Russian Federation on the Strategy for the Development of the Fuel and Energy Complex and Environmental Safety, during his report at the SPIEF 2026 Energy Session.

"The closure of the Strait of Hormuz is an attempt to change the regulation of the global energy market in the interests of the United States. The measures taken to block the strait were directed against Iran, but they worked against the whole world. The strategic risks were underestimated," he said.

As Sechin emphasized, as a result of these actions, consumers suffer first of all.

"Western countries are experiencing a double price shock: motor fuel has now joined electricity. Fuel prices in the United States have increased by more than 50%, while prices in Europe have increased by more than 20%," Sechin said.

"According to experts, since the beginning of the conflict, the additional costs of American consumers for motor fuel have exceeded $ 40 billion. This figure is more than double the cost of the entire American transportation electrification program. Those who advocate sanctions against the Russian oil industry should think about this," Sechin concluded.