Sechin warned about the consequences of Europe’s “energy suicide”

According to him, as a result of the “imposed” sanctions, Europe cannot compete with the United States not only in the political but also in the economic sphere. Sechin also stressed that the consequences will be long-term on the consequences of Europe's “energy suicide” />

Europe is committing “energy suicide” with sanctions against Russia, which will have long-term consequences, the head of Rosneft said at the SPIEF Igor Sechin

“We are already seeing a decline in its economic potential, loss of competitiveness and direct losses for investors,”— he said.


According to Sechin, anti-Russian sanctions were imposed on Europe. As a result, it “finally lost its subjectivity and chances of becoming not only a political, but also a competitive economic pole, an alternative to the United States.” Europe's level of competitiveness has fallen after it became the region with the highest energy cost in the world, he explained.

The US banned imports of Russian oil and gas in March. President Joe Biden stressed that Washington does not expect such a decision from European countries, because they are more dependent on supplies from Russia.

In Brussels, after several weeks of discussions, in early June, an embargo was nevertheless imposed on the import of Russian oil and oil products by sea. The ban provides for transitional periods: until December 5, one-time transactions are allowed for the import or execution of oil purchase contracts concluded before June 4, for oil products the deadline— February 5, 2023. The embargo did not affect crude oil, which is supplied to Europe through the Druzhba pipeline. In its northern part, the fuel goes to Germany and Poland, in the southern & mdash; to the Czech Republic, Slovakia and Hungary. These countries will be able to continue purchasing for an indefinite period.

Read on RBC Pro Pro What to expect from the “crypto winter”. Investor's Digest Articles Pro Will it set you back 10 years? How to Digitize Amid Import Substitution Pro Predictions Where to Send Children to Study Abroad Now: 2022 Version Pro Instructions How Helium Shortage Threatens SpaceX, Intel, and Netflix Pro Articles “Loss of Nerve and Time”: Do Employees Want to Be Bosses — Poll Studies Pro The Benefits of Regrets and the power of sincere fun: 5 fresh books on self-development What awaits the financial market Forecasts

In addition, after Moscow obliged “unfriendly countries” (the list includes the entire EU) to pay for gas in rubles, many of them have abandoned this scheme.

A barrel of Brent oil on June 17 cost $115. Gas in Europe on June 16 rose in price to $1.5 thousand for the first time since March.

Inflation in the eurozone in May reached a record 8.1%— mainly due to rising energy prices (they rose by 39.2% compared to 37.5% in April). Prices for food, alcohol and tobacco rose by 7.5%.

Russian President Vladimir Putin called Europe's energy policy an “economic auto-da-fé” and noted that as a result of “chaotic actions” European countries, their economies are being damaged, and the revenue of the Russian oil and gas sector is growing.

Authors Tags Subscribe to RuTube RBC Live broadcasts, videos and recordings of programs on our RuTube channel


Leave a Reply

Your email address will not be published. Required fields are marked *