Index – Economy – The oil price cap is coming, but Hungary has been exempted
In his post, Péter Szijjártó wrote that the European Union is introducing the oil price cap, even though it is time for Brussels to realize that such and similar measures are hurting the best European economy. Péter Szijjártó believed that it would be necessary to increase the amount of energy carriers, because it would reduce it.
During the negotiations on the oil price cap, we fought a lot for Hungarian interests, and in the end we succeeded: Hungary was exempted from the application of the oil price cap
– he said in the post. He added that, with this, it was once again possible to protect the security of Hungary’s energy supply.
The price cap will be introduced by all participating countries at the same time
The European Union and the G7 group agreed on a price ceiling of 60 dollars per barrel for Russian crude oil, after the Council, which brings together the member governments of the EU member states, approved the implementation of the measure within the Union, the European Commission announced on Saturday. In the statement of the Brussels body, it was emphasized that setting the upper limit for the price of Russian oil transported by sea will reduce Russia’s income, thus keeping the global energy markets stable.
It was reported that although the upper price limit for Russian crude oil per barrel was set at 60 US dollars, the price limit may be adjusted in the future to respond to market developments. The price cap is introduced by all participating countries at the same time through their respective domestic legal procedures.
Before the announcement, Reuters learned that the aforementioned parties had agreed to impose a maximum price of $60 on oil imported from Russia. As we wrote, enters into force on December 5 the embargo on Russian oil on pipelines, which was decided on back in the spring.
On the morning of Friday, December 2, Prime Minister Viktor Orbán talks about EU sanctions, migration and the recovery fund, among other things, on Kossuth radio. According to the Prime Minister, the most serious sanctions regarding oil will take effect on December 5, to which he added that now the monkey is jumping into the water.
“Hungary only has the right to access oil,” Viktor Orbán stated, adding that they are waiting to see what the introduction of this will do to prices. The Prime Minister saidthat Brussels wants to impose sanctions on nuclear power plants and gas after oil.
(Cover photo: Ákos Stiller / Bloomberg via Getty Images)