Russia's Rosneft CEO: US Companies Benefit Most from Strait of Hormuz Blockade

Igor Sechin, CEO of Russian oil giant Rosneft and a close ally of President Putin, asserted that U.S. energy companies are the main beneficiaries of the Strait of Hormuz blockade. Speaking at the St. Petersburg International Economic Forum on June 6, 2026, Sechin claimed that Washington is actively altering the global energy market's structure to serve American interests. The Strait of Hormuz, a critical chokepoint for approximately one-fifth of global oil supply, was blockaded by Iran following Middle East conflicts in late February, prompting subsequent U.S. sanctions on Iranian ports. The disruption sent oil prices to multi-year highs, fueled global inflation, and hampered economic growth. Sechin contended that the blockade, intended to target Iran, has backfired by creating strategic risks that were underestimated, ultimately benefiting U.S. companies with non-competitive advantages and securing high-cost oil supplies. He further cautioned that other vital global shipping lanes, such as the Strait of Malacca in Southeast Asia, the Bab-el-Mandeb Strait off the Horn of Africa, and the Strait of Gibraltar connecting the Atlantic and Mediterranean, could also face transit interruptions.

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The blockade of the Strait of Hormuz is an attempt to reshape the rules of the global energy market in favor of the United States.