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7/6, 12:58 PM (Source: TeleTrader)
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EU to unveil emergency plan to suspend Russian gas

President of the European Commission Ursula von der Leyen addressed on Wednesday the European Union's emergency plan to completely cut off the Russian gas supply to the member countries.

She stressed the importance of a coordinated and united European approach to cutting off Russian gas, in order to protect both the European market and the most vulnerable consumers. The consolidated plan should be presented within two weeks. Von der Leyen added that in the worst-case scenario, each member would have its own plan, but has reminded the public that the COVID-19 crisis showed that a unified approach would prove to be the most effective one.

During a press conference in Strasbourg, Von der Leyen stated that the EU is observing and stocking gas, and mentioned joint purchases and gas deliveries from the United States. She also noted that the EU member states have seen an increase in energy stockpiles of 75%.

Baha Breaking News (BBN) / JN