Igor Sechin: The U.S. efforts to maintain its technological superiority come at a high cost to its allies

The U.S. efforts to maintain its technological superiority come at a high cost to its allies, stated Igor Sechin, Chief Executive Officer of Rosneft, in his report “Energy transition and phantom barrels: abandon hope, all ye who enter here. Not everyone will be taken to the bright future of the global energy industry!”.

“Like attempts to dominate global energy, U.S. efforts to maintain its technological superiority come at a high cost to its allies. The estimated cost of eliminating Chinese components for 5G network deployment in the UK alone exceeds USD 5 billion. For Germany, the figure is much higher”, said Igor Sechin, in his speech at the Energy Panel at the 27th St. Petersburg International Economic Forum.

This refers to the imposition by the U.S. of barrier duties on renewable energy goods and equipment from China, which is a world leader in this field. At that, as the Chinese Foreign Ministry rightly pointed out, according to the US logics, the subsidies it provides are considered "essential industrial investment" and the subsidies from other countries are seen as "disturbingly unfair competition”.

“The use of technology access bans is another sanctions barrier”, Sechin noted.

Information & Advertising Department
Rosneft
June 8, 2024