Sanctions are destroying the global market, says CEO of Russia’s Rosneft

Doha, Dec 8 (SocialNews.XYZ) Sanctions by the US and its allies are hurting various pillars of the global market, particularly in energy, Rosneft CEO Igor Sechin said at the Doha Forum.

The chief of Russia's third-largest oil company said that the competitive environment has been destroyed by the creation of preferences and benefits, and it is now being replaced by unilateral sanctions imposed by the US and its allies.

"Sanctions are destroying the previously inviolable institution of contractual obligations, the legal system itself, and, as a result, the social sphere and, ultimately, the global market," Sechin said.

"Over the last 20 years, we see that the number of US sanctions has exceeded 15,000, plus 5,000 sanctions imposed by their European allies. Unfortunately, the energy sector, due to its demand and importance, has become an instrument of special attention and pressure," he said.

"The redistribution of the global energy market as a result of sanctions' massive application, destruction of competition, destruction of long-term contracts and supply chains is characterised today by price volatility, risks of shortages, and false 'green' transition goals," Sechin stated.

The Rosneft CEO also called attention to the fact that the economic background that accompanies political decisions is often the main reason for their (sanctions) implementation.

Citing history, he said that it was not customary to hide the economic motives of wars till the colonial period and the "total political and ideological cover-up of the true objectives of the war is a tradition that has not just survived, but has acquired complete and perfect forms over time".

Sechin noted that World War I "began as a war for the redistribution of colonies between the old colonisers and the new ones, who

were offended by the initial division of the world, and the dramatic robbery of defeated Germany was one of the reasons that led to World War II, the main beneficiary of which was the United States, which gained enormous economic advantages over the war-ravaged economy of old Europe".

"This system, built on the absolute domination of the US and its allies, is undergoing the painful transformation we are witnessing at the moment," Sechin added.

Source: IANS