ST. PETERSBURG, June 18. /TASS/. The ‘energy suicide’ that Europe is currently committing, will have long-term effects, with a decline in its economic potential already in place, Chief Executive Officer of Rosneft Igor Sechin said at the St. Petersburg International Economic Forum.

"The energy suicide Europe is committing will have long-term effects. We already see a decline in its economic potential, the loss of competitiveness and direct losses for investors. For example, in France the CAC 40 stock index fell by 18%, in Germany the DAX index decreased by 19%, in Italy - by 22%. The total losses of investors of three European countries have already reached around $1.6 trillion," he said.

The withdrawal from Russian oil and gas is also disrupting Europe’s competitiveness, Sechin said, adding that this has already turned it into a region with the highest energy cost in the world.

Sanctions against Russia have also brought an end to ‘green transition’ in the world, according to Sechin. "Anti-Russia sanctions have actually brought an end to ‘green transition’. The remaining ‘green rhetoric’ fully contradicts the real practice aimed at searching for any sources of hydrocarbons to replace the Russian ones at any price," he said. "Actually, ‘green transition’ is no longer needed as a way of manipulating the market with other, tougher and more radical approaches available," Rosneft CEO added.

The St. Petersburg International Economic Forum organized by the Roscongress Foundation is running from June 15 to 18. This year’s forum is dubbed: ‘New Opportunities in a New World’. TASS serves as the event’s official photo hosting agency and the information partner.