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EU seeks Russian gas price cap

EU seeks Russian gas price cap, Transatlantic Today

BRUSSELS (Washington Insider Magazine)– According to European Commission President Ursula von der Leyen, countries in the European Union should cap the price of Russian natural gas and expect a “solidarity contribution” from European gas and oil corporations generating remarkable profits as a result of the rising cost of energy. 

The 27 EU nations are battling to control an energy crisis that might result in closed factories, power outages, and a severe recession as winter draws near. According to ABC NEWS, Russia has already stopped supplying gas to 13 EU nations that use it to power factories, heat households, and produce electricity. 

She declined to suggest any price cap thresholds, stating that such a decision should be made during Friday’s emergency discussions of EU energy ministers. The executive branch of the bloc is presenting the ministers with a number of suggestions to consider. 

If the West tries to control the price of Russian exports, Putin warned to entirely stop supplying energy, claiming that this would be a breach of contract. 

In the meantime, Von der Leyen stated that the executive commission of the EU, which recommends EU policies and regulations, highlighted that gas and oil corporations have generated “massive profits.” While Russia is using its energy influence, a drought in Europe is driving up electricity consumption and reducing hydropower output. 

She offered no additional details. Some nations have previously imposed taxes on energy corporations’ windfall profits. 

Before Putin launched the war on Ukraine in February, 40% of all imported gas into Europe came from Russian pipelines; today, only 9% do, according to von der Leyen. Norway currently supplies the bloc with more gas than Russia. 

With joint gas storage levels reaching 82%, significantly over the 80% goal that had been specified for the end of October, the commission feels that the EU is ready for the winter. 

Also on Wednesday, Austria put out a power price cap that, according to Chancellor Karl Nehammer, should reduce annual expenditures for a typical household of three by 500 euros ($494) per year.

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