Save for later Print Download Share LinkedIn Twitter Europe is committing "energy suicide" that will have long-term economic consequences, while the sanctions on Russia have put an end to the "green transition," the CEO of Russia's Rosneft has warned. Speaking at the recent St. Petersburg International Economic Forum, Igor Sechin said that "we already see [the] reduction of Europe's economic potential, the loss of its competitiveness and direct damages for investors." As a result of Europe's decision to turn away from Russian oil and gas supplies, it is fast becoming the region with the highest cost of energy. According to investment bank JPMorgan, for this year alone the Eurozone could pay an additional $550 billion, or 4.5% of GDP due to the prices hike, the Rosneft CEO said. According to Sechin, the "green transition" has been used as a political tool and an instrument to manipulate markets, as it does not make economic sense because of the absence of the required technology to make it work. Europe is searching for any possible sources of hydrocarbons to replace the ones from Russia, Rosneft's boss noted, pointing to the "coal renaissance" in Europe.