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Post: The European Commission comments on the introduction of price limits for Russian gas


Gas compressor station. archive photo

European Commission reports no price cap proposals for Russian gas

BRUSSELS, 11 July – RIA Novosti. European Commissioner for the Economy Paolo Gentiloni told reporters that at the moment, the European Commission does not have any proposals for a ceiling price for “blue fuel” in Russia.

“This is one of the tools we can adopt, we’re discussing. There are currently no proposals from the EC on price limits,” he said.

“We have noted that various Member States have made such proposals … but there is no proposal from the European Commission on price limits,” the European Commissioner added.

Western countries continue to discuss various measures to limit Russia’s revenue from oil and gas exports. So far, it has not been possible to do this either by embargoing oil, including by the European Union, or by voluntarily refusing to do so by foreign companies. Export redirection, alternative supply plans, and the “sanction premium” on oil prices allow Russia to secure budget revenues even with oil cuts.

Against this background, on June 28, the G7 countries announced that they agreed to impose a comprehensive ban on services for the worldwide transport of Russian oil and oil products by sea, if the raw materials are not purchased at or below the price. to be decided in consultation with international partners.

At the same time, the G7 will consider mechanisms to mitigate the consequences of such restrictions for the most vulnerable countries, while maintaining their access to resources from Russia. In addition, French President Emmanuel Macron supported the introduction of a “price cap” for Russian gas, saying that the discussion on this issue would continue “in the coming weeks”.

Source: Ria

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