THE Arctic plays a special role as a reliable logistics route amid the Strait of Hormuz crisis, Russian oil giant Rosneft CEO Igor Sechin said on Saturday.
“We welcome attempts by some countries to create bypass routes, but from the perspective of global trade needs, the Arctic has a special role. Under these circumstances, not only its importance as a resource base becomes strategic, but above all, its role as a reliable logistics route,” Sechin said at the St. Petersburg International Economic Forum (SPIEF). He noted that the Hormuz crisis and sanctions have significantly accelerated the diversification of payment instruments in favour of the Chinese payment system. — SPUNTIK