Embargo on Russian oil to create more problems for EU
It is noted that such measure “will strengthen the inflation pressure and the economic crisis” in the EU
New restrictions for supplies of Russian crude oil effective in the European Union from December 5 will create more serious problems for the EU rather than for Russia, Oliver Hortay, the Head of Energy and Climate Policy Division of the Szazadveg research center, said in his video commented posted on the Hungarian government’s website.
“This step creates extraordinary problems for the community,” the expert said, commenting on the embargo for purchases of Russian oil supplied by sea. Such measure “will strengthen the inflation pressure and the economic crisis” in the European Union, he noted. Meanwhile, “Russia will be able to find new sales market for oil it sold to Europe,” Hortay added. “The problem is that the EU will not be able to come out of the evolved situation in any case,” the expert noted. “The Russians will successfully redirect oil supplies to a different destination. Sanctions will be inefficient and the Europeans will have to carry the burden of the embargo, while Russia will not do so,” the researcher added.
