West’s sanctions on Russia destroyed global energy markets, hurt Europe: Rosneft CEO Igor Sechin

Hitting out at the West, Russian oil major Rosneft’s chief executive officer Igor Sechin said sanctions against Russian energy have “destroyed” the principles of market trading, effectively abolishing contract law, while also severing global energy logistics chains that existed for decades.

“There is no unified global energy market, and energy security is no longer global,” Sechin said at the India Energy Week in Bengaluru. His statement was shared by Rosneft on Tuesday.

Various western majors have sanctioned Russia, particularly its energy sector, in the aftermath of its invasion of Ukraine about a year ago.