A Western cap on Russian energy prices destroys every country’s sovereignty and plays into the hands of the United States, Igor Sechin, the chief executive of state oil giant Rosneft, said Thursday.
“The idea is basically to abolish the sovereign rights of countries over their own resources,” Sechin was quoted by business daily Kommersant as saying. “Because the ‘good’ countries that lack resources need them more than the ‘bad’ ones.”
“Naturally, the restrictions do not apply to the United States itself, although a number of European experts and politicians openly accuse the United States of profiting from the energy crisis it has caused,” did he declare.
Western allies are seeking to limit Russia’s revenue from oil and gas sales, which remain a key source of funding for the Kremlin’s war effort in Ukraine.
G7 economies have committed to loosely guarded capping Russian oil prices at higher-than-expected limits, while EU leaders struggle to find common ground on gas price caps within the bloc.
With a US embargo on Russian oil in place, the European Union’s ban on most oil imports is set to come into effect on December 5.
Russia has warned it will cut off oil supplies to countries that impose price caps.
Sechin, a close ally of President Vladimir Putin, blamed the global energy crisis on US “hegemony” rather than Russia’s invasion of Ukraine.
Speaking at an international forum in Baku, Azerbaijan, Sechin complained that “politics has completely destroyed the global economy”.
“There is no longer a unified energy market and no more rules,” he said.