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CEO of Russian gas company Rosneft defiant in face of potential US, EU sanctions

The chief executive of Russian oil giant Rosneft and a close ally of President Vladimir Putin has spoken defiantly of possible sanctions by Western powers against him, threatening to move business elsewhere.

The United States and the European Union announced Monday asset freezes and visa bans against Russian and Ukrainian officials involved in the Crimean crisis. They are considering broadening those sanctions to include more individuals, possibly Sechin as well.

Sechin, the head of Russia's largest oil company, told Russia news agencies on Tuesday that he is not afraid of potential sanctions, calling them "evidence of powerlessness."

Rosneft and Russian companies should not fear sanctions either, Sechin insisted, saying "Russian companies can move their business elsewhere" away from the U.S. and Europe.

Russia is a major oil supplier for Europe.