BUDAPEST, December 4. /TASS/. The introduction of a price cap on Russian seaborne oil will harm the European economy, Hungarian Foreign Affairs and Foreign Economic Relations Minister Peter Szijjarto said on Saturday, commenting on the decision of the G7, the EU and Australia to impose a price cap on oil exported from Russia by sea from December 5.
"The European Union is introducing a ceiling cap for oil. But it is time for Brussels to understand that such measures are most damaging to the European economy," Szijjarto wrote on Facebook (a social media site banned in Russia since it is owned by Meta corporation deemed extremist by Russian authorities).
Instead of limiting the price of Russian oil, "it is necessary to increase the number of energy sources, because this will lead to lower prices," the top diplomat said. "During the negotiations on the oil price cap, we fought hard for Hungary's interests and finally achieved our goal: Hungary was exempted from the oil price cap. We were successful again in protecting the security of our country's energy supply," Szijjarto said.
On Saturday, the G7 countries, the EU and Australia announced that they had agreed to cap the price of Russian seaborne oil at $60 per barrel starting on December 5 for their subordinate ships and territories. In addition, from February 5, 2023 a price cap on petroleum products will come into force, its parameters are to be established later. The decision on the embargo on Russian oil supplies to the EU will remain in force and will also take effect from December 5, but it will not affect the supply of fuel through the Druzhba pipeline to Hungary, the Czech Republic and Slovakia yet.