Russia’s natural resources far surpass those of US – oil giant CEO

The country’s Arctic region contains vast undiscovered oil and gas reserves, Rosneft’s Igor Sechin has said

The value of Russia’s natural wealth stands at $100 trillion, which is double that of the US, the head of Russian oil major Rosneft, Igor Sechin, said at an economic forum in the United Arab Emirates on Thursday.

Sechin described the Arctic as a “treasure trove of natural resources,” not just for Russia but also for the world. According to the Rosneft chief, more than 20% of the planet’s undiscovered oil and natural gas reserves are in the Arctic, while the Russian Arctic contains 80% of those reserves.

“This imposes a huge responsibility on Russia,” Sechin told the Verona Eurasian Economic Forum in the city of Ras Al-Khaimah.

“The Arctic should be completely free of conflicts and foreign interference, given the strategic importance of this region for the energy security of all Eurasia,” he added.

Eight countries span into the Arctic, including Russia. The other seven nations – Canada, Denmark, Finland, Iceland, Norway, Sweden, and the US – are all NATO members. The eight countries form the so-called Arctic Council, a group that promotes regional cooperation and whose mandate explicitly excludes military security.

Earlier this month, the Norwegian Defense Ministry announced plans to establish a new NATO Arctic and amphibious warfare center to train US, British, and Dutch marines. The announcement comes amid heightened tensions between the US-led military bloc and Russia over the Ukraine conflict.

The new hub will be created several hundred kilometers from the strategic Russian port of Murmansk, which is a key military and naval base, and is expected to become fully operational in 2026.

READ MORE: Russia will defend its Arctic from NATO – Lavrov

Russian Foreign Minister Sergey Lavrov said in September that NATO nations appeared to be eyeing expansion into the Arctic. He vowed that Moscow would protect its interests in the region.