LONDON, December 6. /TASS/. The price cap for the Russian crude oil set by Western countries will further aggravate the economic crisis in Europe, the UK-based news portal UnHerd said on Tuesday.
"Countries outside of the Western sphere have not even responded to the price cap announcement. They may need to work out alternative insurance arrangements, but this will only further undermine Western financial soft power in the global maritime industry," the news portal said. Europe will have to look for extra sources of oil supplies at notably higher prices even in the best case. The worst case at the same time anticipates an acute shortage of oil in European countries due to rejection of Russian energy supplies.
This will eventually lead to higher inflation indicators in Europe, the news portal said. "History will surely look back on the great European energy crisis of 2022-23 as one of the strangest historical phenomena on record. The Europeans have voluntarily destroyed their economies to impose sanctions on Russia that are having no real impact on their target," the UnHerd added.
The embargo on seaborne supplies of Russian oil to EU countries became effective on December 5. The EU countries also introduced the adjustable price cap for Russian oil supplied by sea at the level of $60 a barrel. The Group of Seven member-states and Australia made a similar decision.