Sanctions and the West: A Crisis Foretold by Igor Sechin

Igor Sechin, a key figure in Russia's energy sector, claims Western sanctions on Russia and China are provoking a looming economic crisis. Speaking at the Russian-Chinese Energy Business Forum in Beijing, he warns of high energy costs in the West and challenges to the rules-based trading system.

Igor Sechin, a pivotal player in Russia's energy industry, asserted on Tuesday that sanctions from the United States and European allies are setting the stage for an economic crisis in the West. Following Russia's annexation of Crimea and its military actions in Ukraine, these sanctions are among the harshest imposed on a major economy.

During the Russian-Chinese Energy Business Forum in Beijing, Sechin, also the head of Rosneft, stated that Western consumers are bearing the burden of high energy costs, ultimately weakening their own economies. He criticized Western policies, indicating that some Western leaders might not grasp the looming economic dangers.

Sechin emphasized Russia's and China's energy pricing advantage and quoted Sun Tzu to underline the strategic errors he believes the West is making. Citing lower electricity costs in Russia and China compared to Western countries, he projected a potential surge in consumer spending as a consequence of these policies.

(With inputs from agencies.)