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Northern Sea Route can provide trade solutions amid Hormuz crisis — Sechin

It is capable of providing global trade with reliable logistics solutions, reducing cargo delivery times by 1.5-2 times and cutting costs by 20-30%, Executive Secretary of presidential commission on fuel and energy sector development strategy and environmental security and Rosneft CEO said

Rosneft CEO Igor Sechin Vyacheslav Prokofyev/TAS

Rosneft CEO Igor Sechin

© Vyacheslav Prokofyev/TAS

ST. PETERSBURG, June 6. /TASS/. Against backdrop of potential closure of Strait of Hormuz, Northern Sea Route is capable of providing global trade with reliable logistics solutions, reducing cargo delivery times by 1.5-2 times and cutting costs by 20-30%, Executive Secretary of presidential commission on fuel and energy sector development strategy and environmental security and Rosneft CEO Igor Sechin said during speech at St. Petersburg International Economic Forum.

"We welcome attempts by some countries to create alternative routes, but from standpoint of global trade needs, Arctic plays special role. Under these conditions, its importance becomes strategic not only as resource base, but above all as reliable logistics route. Northern Sea Route can provide global trade with necessary transport solutions. This route allows us to reduce cargo delivery times to our partners by 1.5-2 times and lower costs by 20-30%," Sechin said.

The 29th St. Petersburg International Economic Forum (SPIEF-2026) is taking place on June 3-6. This year, the event is held under the theme "Pragmatic Dialogue: The Path to a Stable Future." Saudi Arabia is the guest country at SPIEF. The forum program is dedicated to shaping a new model of global development amid the ongoing transformation of the world economy.

The program includes the SME Forum, the Creative Industries Forum, the Day of the Future International Youth Economic Forum, and the Ensuring Drug Security Forum. As part of the cultural program, the Petersburg Seasons festival and the traditional SPIEF Sports Games will take place. This year, Russia’s national economic development institution VEB.RF is the title partner of SPIEF.

The Roscongress Foundation is the organizer of the St. Petersburg International Economic Forum. TASS is its official general information partner.

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