Sechin called existing capitalism a hindrance in finding a way out of the crisis

The limitations inherent in the existing model of capitalism do not allow finding a way out of the current energy crisis and other modern challenges, said the head of Rosneft, Igor Sechin, during a speech at the Eurasian Economic Forum.

He pointed out that the crisis situation that has developed in the energy sector today has begun to spread to other industries. The head of Rosneft cited CHINA as an example , which provides up to 90% of the world's magnesium production. Sechin stressed that the shortage of magnesium, which arose due to the rationing of energy supply in the country, affected the automotive industry, which uses aluminum alloys.

In addition, he noted, there is a global shortage of raw materials in the production of microcircuits. As a result, manufacturers themselves choose customers to whom they ship products, that is, they take on functions of market regulation that are unusual for them, the head of Rosneft explained.

“All these factors make us think again about the limitations inherent in the existing model of capitalism, which Russian President Vladimir Putin recently spoke about. All of them make it difficult to find a solution to the challenges of today. In order to prevent the crisis from spreading to the entire global economy, it is important to ensure coordination between regulators and suppliers, as well as consumers, whose demand determines economic growth,” Sechin said.