Sechin says problems in Europe due to Western sanctions

Western sanctions have affected about 40% of the world's hydrocarbon resource base, with Europe suffering the most. This was stated by Igor Sechin, CEO of Rosneft, during his report at the Doha Forum on December 7.

"The application of sanctions by the West has affected about 40% of the global hydrocarbon resource base. The target of these sanctions is not only Iran, Venezuela and Russia, but first of all Europe, which has lost stable and relatively cheap supplies, as well as the growing markets of the Asia-Pacific region, which are facing restrictions on their economic needs," Sechin said.

According to him, Europe has lost competitiveness in the market and lost industrial production by 5%.

The Rosneft head also stressed that Britain's exit from the European Union was synchronized with the US actions to weaken the community's economy.

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Russian Foreign Minister Sergei Lavrov said in an interview with U.S. journalist Tucker Carlson, which was published on December 6, that the country has learned a lot and become stronger since the imposition of Western sanctions. Amid sanctions pressure, Russia relies more on itself and develops cooperation with friendly countries, he said.

On Dec. 5, Sechin cited U.S. sanctions as the reason for the loss of confidence in the dollar. According to him, the U.S. has lost its primacy in global trade, and the dollar is losing its position as an international means of payment.

On November 15, German businessman Ulf Schneider said that anti-Russian sanctions only harm Germany and have no positive effect.

Western countries increased sanctions pressure on Russia after the start of the special operation to protect civilians in Donbass, which was announced on February 24, 2022.