Sechin proposed a set of measures to solve problems in the oil and gas industry

Rosneft Chief Executive Officer Igor Sechin, during his speech at the St. Petersburg International Economic Forum (SPIEF) on June 17, presented a roadmap for improving the efficiency of the Russian fuel and energy complex, providing industry and household consumers with cheap and affordable energy. The company’s proposals, its head noted, are debatable. Sechin called on the representatives of the Ministry of Finance and the Ministry of Energy, who were present in the hall, to pay attention to them. Russia, according to him, is successfully coping with resistance to the economic war declared by its former partners. But still there are questions, the solution of which is of great importance for the further development of the economy.

The first point is the speedy creation of a payment system independent of toxic currencies. “We cannot wait until the dollar is replaced by this or that currency,” Sechin stressed. According to him, this is a question for the central banks of sovereign states and the domestic regulator. Also, Sechin believes, it is necessary to work out the issues of insurance, logistics and transport. The development of the insurance system requires the support of the Central Bank, intercountry cooperation and the active participation of the market itself. And the banking system, the head of Rosneft emphasized, should be focused on lending to the economy – “of course, with effective control of inflationary processes.” The high cost of loans to companies slows down industrial development, he said.