In the event that Moscow does not do so, the E.U. will do the right thing…
The European Economic Commissioner, Paolo Gentilonistates that the European Union expects the Russian president, Vladimir Putin, to respect Russia’s contracts, but in the event that Moscow does not, then the E.U. she is ready.
Finance ministers from the G7, the Group of Seven of the world’s most powerful economies, plan to “urgently” implement a cap on the price of Russian oil and oil products, and are encouraging a “broad coalition” of countries to take part, they confirmed in a joint statement their announcement that they issued.
“The price ceiling will be set at a level based on a series of technical data and decided by the whole coalition before its implementation,” the seven countries wrote in the statement, assuring that future prices “will be announced publicly in a clear and transparent manner”.
“Our aim is to align the implementation with the timetable of the relevant measures within the sixth package of EU sanctions,” they add.
Brussels is to present by mid-September the draft of a new instrument, the aim of which will be to protect the EU’s internal market in the event of a crisis and, if necessary, to force producers of strategic products to serve Europe as a priority.
If there are shortages of critical goods, Brussels will be able to force industries to prioritize European orders over Chinese or American ones, under threat of fines, according to a document cited by AFP.
The measure, based on rules already in place in the US, is seen as a weapon of “retaliation” that the EU would prefer not to use, a European source explained. The basic idea is to discourage third countries from blocking the export of strategic products to Europe, like the US which had banned the export of Covid-19 vaccines during the pandemic.
That proposal will be presented on September 13, another source said. It would then have to be approved by the European Parliament and member states, a process that could take many months, possibly a year.
The body that will protect the single market was announced by the president of the European Commission Ursula von der Leyen in February 2021, on the occasion of the disruption in the supply chain due to the pandemic.
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