VERONA, October 22. /TASS/. Recovery of the global economy and demand for oil may begin as early as 2021, Rosneft CEO Igor Sechin said at the XIII Eurasian Economic Forum.

"According to available estimates, the recovery of the global economy and oil demand may begin as early as 2021. But humanity needs to make coordinated efforts to achieve results. This is a difficult task, but solvable. A good example here is China, which was the first to suffer from the pandemic," he said.

Ramifications of isolating economies and establishing barriers

Isolating economies and establishing barriers lead to devastating consequences for the energy sector, Rosneft CEO Igor Sechin told the forum.

"Isolating economies and establishing various barriers are inapplicable in the energy sector and lead to devastating consequences for both producers and consumers of energy resources," he said.

He stressed that the interaction between the countries - producers of energy resources - will further strengthen to ensure economic security. "Ensuring interaction between producer countries is a guarantee of energy and economic security. The importance of this interaction will only grow," Sechin said.

He added that the sanctions are hampering the recovery of markets and the world economy, an example of which is the Nord Stream 2 project. "The sanctions topic is hindering and will hinder the recovery of markets and the world economy. A striking example is the pressure on the Nord Stream 2 project, included in the US defense budget law," he said.