ST. PETERSBURG, June 6. /TASS/. The world should analyze the situation surrounding the closure of the Strait of Hormuz and build safeguards against similar cases, but no one is drawing conclusions, Executive Secretary of the presidential commission on fuel and energy sector development strategy and environmental security and Rosneft CEO Igor Sechin said. According to him, a reduction in Russian oil supplies to the global market amid sanctions would lead to even more serious problems than the Middle East conflict.

"The lessons of Hormuz should be carefully analyzed and a protection system should be built. But it seems that no one is drawing conclusions. The European Union is introducing another round of sanctions, while the United States continues its previous policy. The risk of reductions in Russian supplies threatens even greater problems than the current crisis," Sechin said at SPIEF.

According to him, in attempting to gain control over the global energy market, the United States is trying to reshape global regulation, something even its closest allies are resisting.

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.