Brussels has not yet specified how the price cap will be designed, but some EU laws require the approval of all 27 EU member states.
European Union countries evaluate proposals from Brussels to curb high energy prices ahead of winter, including a planned cap on the price of Russian gas that has raised concerns in some capitals.
The president of the European Commission Ursula von der Leyen proposed measures yesterday, Wednesday to reduce high gas and energy prices ahead of winter.
EU ministers will discuss these measures tomorrow, Friday. No policy is expected to be adopted at their meeting, but they are expected to make it clear which options garner the most support — giving Brussels a direction on what should be included in the final proposals.
The plan to cap Russian gas prices has been met with mixed reception.
The Baltic states — which have long advocated cutting Russian gas imports — are in favor, along with countries that do not depend on Moscow for fuel, including Portugal, which mainly imports liquefied natural gas (LNG) from Nigeria and the USA. The country’s environment minister told state broadcaster late yesterday that the price cap would help limit speculation in the market, which would also help countries that do not buy Russian gas.
Other countries appear more positive about the idea after Russia further cut gas shipments to the European bloc last month, but warned that unity among EU member states would be needed for that to happen.
“If there is unity on this point, we will support it. If, on the other hand, it is something that is difficult for some to digest, we should look at it carefully,” said a senior diplomat from an EU country.
Brussels has not yet specified how the price cap will be designed, but some EU laws require the approval of all 27 EU member states.
Some countries in central and eastern Europe are wary, fearing the measure could completely cut them off from already depleted gas supplies.
The president Vladimir Putin stated yesterday that Russia will stop the supply of gas and oil in Europe if price ceilings are imposed.
Given the low volumes delivered to Europe — and consequently Moscow’s low gas revenues — some countries have hinted that a cap on the price would accomplish little and have little impact on gas prices within the European bloc.
“It wouldn’t save anything”said a European diplomat.
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