Thus, the Hungarian Ministry of Energy recalled that the EU will begin to ban the import and re-export of processed petroleum products of Russian origin, such as gasoline and diesel, from Sunday.
“Europe may face a shortage of diesel fuel and rising prices of petroleum products, as half of the EU’s diesel fuel needs so far come from Russian sources,” the energy ministry noted.
They also added that as a result of the sanctions against Russia, “Europe is now forced to rely on other, more distant sources, such as India, the Middle East and China.”
“This means that the EU can receive oil products from much more distant regions and at much higher prices, and this can lead to a breach of security of supply,” the ministry said.
On Friday, US Treasury Secretary Janet Yellen signed an executive order imposing a maximum price on Russian oil products, which will take effect on Sunday, February 5.
Earlier, the EU member states reached an agreement on the introduction of a maximum price for Russian oil products at the level of $100 per barrel before final approval by the EU Council. According to Reuters, the EU ambassadors in Brussels agreed to set a maximum price for diesel at $100 per barrel and for petroleum products at $45 per barrel. The decision to limit the supply of Russian oil to EU countries was taken in early June 2022 as part of the sixth package of sanctions against Russia. It implies a ban on the maritime supply of oil from the Russian Federation from December 5 and from February 5 on the supply of petroleum products.
