Energy expert Walter Boltz estimates that the EU embargo and a price cap on Russian crude oil, which will take effect from Monday, will have little impact on Austria. Austria has been importing hardly any oil from Russia for a long time. The former E-Control boss does expect slight price increases. Prices for diesel, petrol and fuel oil could also rise even more in the coming weeks – Boltz spoke of five to ten percent.
At the beginning of this week, a far-reaching embargo from the European Union (EU) will take effect on Russian oil delivered by sea. In addition, the EU wants to work with other major countries to push through a price cap on Russian oil. Both are intended to hit Russia financially and are a response to Russia’s war against Ukraine. What countermeasures Russia will take is still open, Boltz recalled in the Ö1 “Morgenjournal”.
EU embargo will be extended in February
In February, the EU embargo will be extended to diesel and petrol from Russia. Here too, Boltz expects price increases of between ten and twenty percent over a period of one to two months.
The price cap of $ 60 per barrel (159 liters) for oil from Russia that will apply from Monday will hardly affect the country commercially. Recently, Russian crude oil (Ural variety) cost about $64, the energy expert continued.
Source: Krone
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