BANGALORE, February 6. /TASS/. Europe has completely lost its energy security by having no access to cheap energy resources from Russia, Rosneft CEO Igor Sechin said at the India Energy Week.

"Europe has completely lost its main advantage - energy security - access to cheap and reliable Russian energy resources, and has now to pay 3-5 times more for gas," Sechin said.

Europe was forced to abandon long-term contracts and make the transition to spot-based pricing, the top manager noted. This resulted in an unprecedented price rally in conditions of accelerated energy transition and under-invested conventional energy sector.

"When the Russian competitor had been removed from the European market with the help of sanctions and pressure, Americans suggested returning to long-term contracts warranting the payback of investments. This refers to mere unfair competition," Sechin added.