ST. PETERSBURG, June 8. /TASS/. Illegal sanctions against Russia, Venezuela, Iran, as well as energy shortages as a result of the energy transition have led to an imbalance in the world market, Rosneft CEO Igor Sechin said at the St. Petersburg International Economic Forum (SPIEF).

"The combination of energy shortages resulting from the energy transition and a wide range of direct sanctions, as well as unfair competition, has led to an imbalance in the market," he said.

At the same time, he noted that the June OPEC+ decisions did not lead to stabilization of oil prices, since the market takes into account other factors. Sechin believes that a decline in global oil prices could theoretically mean the possibility of lifting the price "cap" for Russia. "Theoretically, for the Russian oil industry, a price reduction could mean the possibility of lifting all restrictions on the price cap, while the revenues of the approved federal budget are based on $60 per barrel," he said.

Meanwhile, the share of the ruble in payments for Russian oil exports has more than tripled over two years and exceeded 40%, Sechin noted.

The St. Petersburg International Economic Forum (SPIEF) is held on June 5-8. This year’s theme will be "The Formation of New Areas of Growth as the Cornerstone of a Multipolar World." SPIEF is organized by the Roscongress Foundation. TASS is the information partner of the event.