9/7/2022, 12:35 PM (Source: TeleTrader)
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EU confirms it will propose Russian gas price cap

European Commission President Ursula von der Leyen confirmed on Wednesday, during a press conference, that the European Union will be proposing a price cap on Russian gas.

"The objective here is very clear. We must cut Russia's revenues which Putin uses to finance this atrocious war against Ukraine," Von der Leyen noted. The EC president further commented that "at the beginning of the war, Russia's pipeline gas was 40% of all imported gas [in the EU]. Today it is now down to only 9% of our gas imports."

Von der Leyen added that during the Friday meeting of energy ministers, the EC will also propose a "mandatory target for reducing electricity use at peak hours, a cap on revenues of companies producing electricity with low costs" and support for energy utility companies "to cope with the volatility of the markets."

Baha Breaking News (BBN) / AY