Oliver Hortay, Szazadveg’s climate policy director, said the embargo on Russian oil would “undermine Europe’s energy security”. He told the newspaper Hungarian Nemzet.
According to him, the oil embargo that came into effect on December 5 is “unprecedented in the level of intervention in the economic process”.
According to Hortay, even if Europe manages to replace oil from the Russian Federation, its counterparts in other countries are much more expensive.
“Therefore, an oil embargo will reduce energy security and increase costs, which will likely lead to increased inflationary pressures and deepen the developing economic crisis.”
G7 countries and Australia they are planning To closely monitor the effectiveness of the “price ceiling” policy on Russian oil and not to exclude the possibility of adjusting the price ceiling when necessary. This is stated in the coalition’s joint statement published on the US Department of the Treasury’s website.
On December 2, it was learned that the G7 and Australia agreed to set a ceiling price of $60 per barrel for Russian oil.