Magyar Nemzet: oil embargo will reduce Europe’s energy security and increase costs

FBA “Economy Today”

EU anti-Russian oil restrictions will have a negative impact on the energy security of European countries, provoke inflation and exacerbate the economic downturn. Oliver Hortay, head of the climate and energy policy department at the Hungarian research center Szazadveg, shared this opinion with Magyar Nemzet.

“The oil embargo will reduce energy security and increase costs, which is likely to increase inflationary pressures and deepen the unfolding economic crisis,” the expert said.

According to him, the political elite in Europe should ask themselves not about the price of oil, but about whether it will even be on the market. Especially against the background of the fact that many oil powers support Russia much more than the West.


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