Sechin I.I. THE GLOBAL OIL MARKET AND RUSSIA’S ENERGY STRATEGY UNDER SANCTIONS

The Bulletin of the Institute of Economics of the Russian Academy of Sciences № 1/2026. World Economy and international economic relations.

Igor I. Sechin

Cand. Sci. (Econ.), Chief Executive Officer, Rosneft Oil Company, Moscow, Russia

ORCID: 0009-0006-0204-5888

THE GLOBAL OIL MARKET AND RUSSIA’S ENERGY STRATEGY UNDER SANCTIONS

133-155

360.15 K

Full text

The West’s desire to maintain global economic dominance and curb the growth of developing countries has made the global energy market, and the oil market in particular, an arena of geopolitical confrontation. The study found that, under sanctions pressure, a key element of Russia’s energy strategy was the reorientation of oil exports to fast-growing Asian markets, which helped offset the loss of European customers. Despite the introduction of price caps and logistics restrictions, export volumes remained stable thanks to existing and established infrastructure, as well as long-term contracts with partners. A combination of market diversification, a flexible tax policy, and strengthened partnerships with countries considered undesirable by the West ensured Russia’s resilience under sanctions. At the same time, it is important to recognize that pressure on Russia, as well as the risks of further fragmentation of global energy markets, are increasing. In this regard, there is a rising need to take measures to minimize these risks, including the development of alternative financial mechanisms that reduce dependence on the dollar system.

Keywords: global energy, oil, sanctions, cooperation, strategy, Russia, China, India, Europe, USA.

JEL: F01

EDN: DJHUXN

DOI: https://doi.org/10.52180/2073-6487_2026_1_133_155

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Manuscript submission date: 20.11.2025

Manuscript acceptance date: 24.02.2026

For citation:

Sechin I.I. The global oil market and Russia’s energy strategy under sanctions // Vestnik Instituta Ekonomiki Rossiyskoy Akademii Nauk. 2026. № 1. Pp. 133-155. (In Russ.). https://doi.org/10.52180/2073-6487_2026_1_133_155 EDN: DJHUXN

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