12/20/2022, 3:37 PM (Source: TeleTrader)
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Novak: Gas price cap political decision

Russian Deputy Prime Minister Alexander Novak (pictured) stated on Tuesday that the European Union's decision to introduce a price ceiling on gas was politically motivated.

"We believe that this is yet another political decision, absolutely not economic," Novak told reporters, noting that a price cap could potentially hamper the supply of the commodity to Europe.

The day before, Kremlin critized the bloc's move, underlining that implementation of the temporary framework, which is to limit the price of gas to €180 per megawatt-hour (MWh) from February next year, "violates market pricing processes."

Baha Breaking News (BBN) / AB