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27 October 2022, 13:49

Rosneft CEO: Single energy market no longer exists

Igor Sechin. TASS photo
Igor Sechin. TASS photo

BAKU, 27 October (BelTA) – The single energy market no longer exists in the world, Rosneft CEO Igor Sechin said at the Eurasian Economic Forum in Baku on 27 October, BelTA has learned.

"The single energy market no longer exists in the world. There are no rules. The high volatility that we saw in the past decade has no bounds today. The trends that we witnessed earlier and the trends that can emerge suddenly act independently, are not offset by each other, completely destroying the foundations of law, private property and market like a high-explosive shell," the head of Rosneft said.

Igor Sechin stressed that sanctions entail destruction of the foundations of corporate law, elimination of the foundation of market relations, non-fulfillment of contracts under far-fetched pretexts with no ensuing responsibility, arbitrary illegal seizure of assets from sanctioned persons and entire countries. This, in fact, is the abolition of the inviolability of private property, the undermining of the foundations of the legal system as a result of the violation of the principle of judicial independence. "Circular letters from the White House and the European Commission are reproduced unchanged in the form of court decisions," he said.

Competition in the energy market is, in fact, canceled in the EU, the Rosneft CEO noted. "The European Union churned out another idea: centralization of purchases. Up to 15% of the gas purchased for storage facilities in Europe is supposed to be purchased and distributed through the European central point, which will decide who and under what conditions will have access to distribution of resources. The European Commission believes that the rise in gas prices is caused by competition from suppliers. Until now, in a market economy, it was believed that competition of suppliers and diversification of supply sources were the main tools to drive down prices," Igor Sechin emphasized.

The Eurasian Economic Forum, which was held in Italy's Verona for 14 years, has been relocated to Baku this year. The 15th edition of the forum is held in the capital of Azerbaijan on 27-28 October. This event brings together politicians, experts, diplomats, company heads and journalists from the West and the East. The forum was held in Italy even in the midst of the COVID-19 pandemic. However, today's geopolitical realities forced the organizers to change the traditional venue of the forum.

The forum participants are set to discuss a wide range of practical issues in the field of economy and finance, healthcare, environment, energy and technological innovations in Greater Eurasia. This year the forum will be themed “Eurasia on its path to a new geopolitical, social, and economic order: transition to a new, human-centered economy”. On the first day of the forum, the participants will discuss global energy challenges, European energy security, the role of business in global geopolitics and the creation of a cooperation economy from the Atlantic to the Pacific. On the final day of the forum, discussions will focus on the work of the financial sector in the face of new geopolitical challenges, the development of transport and infrastructure as a condition for modernizing the digital economy and the development of territories, as well as the industrial revolution and the formation of the economy of the future in Greater Eurasia.

The event is organized by the non-profit organization Conoscere Eurasia Association (Italy), the Roscongress Foundation, the St. Petersburg International Economic Forum with the support of the Ministry of Economy of Azerbaijan.

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