Sechin predicted a crisis in the West due to sanctions against China and Russia

The continuation of the sanctions policy against Russia and China will bring the next economic crisis in Western countries closer, says Igor Sechin, Executive Secretary of the Presidential Commission on the development Strategy of the Fuel and Energy Complex, Chief Executive Officer of Rosneft. He expressed this opinion at the opening of the VII Russian-Chinese Energy Business Forum (RCEBF) in Beijing.

"Not all Western politicians are aware of the risks they face," Sechin said. He recalled that in the West, local tasks are being set to strengthen sanctions in the energy sector, and energy assets are being seized in international jurisdictions. But instead of the stated goals, energy consumers in them are in a dramatic position.

"The efficiency with which Russia and China provide electricity to the economy is the basis of our development, our natural advantage. This is a fundamental factor of competitiveness. Thanks to a far-sighted energy policy, today the cost of electricity for the industrial sector in our countries is more than two times lower than in the United States and three to four times lower than in some EU countries," Sechin said.

The continuation of sanctions pressure will lead to a multiple increase in real prices in the West, the head of Rosneft believes. "Such a cost of electricity will become a brake on the development of new projects, including data centers, will make it almost impossible to switch transport to electric traction, will require an increase in budget expenditures to subsidize housing and communal services and, ultimately, will create prerequisites for a decrease in economic potential, a sharp increase in household spending in Western countries," said the head of Rosneft.".

In his opinion, deprived of access to Russia's competitive resource base and China's component platform, Western opponents may lose their technological and economic subjectivity. This will create the prerequisites for the realization of the risks of civilizational redistribution.

All important news is on the Izvestia channel in the MAX messenger.