EU wants to set price cap for Russian gas

Brussels hopes the measure could help bring energy costs down as population prepares for a tough winter

The EU needs a price ceiling on imports of Russian pipeline gas, European Commission President Ursula von der Leyen announced on Friday, according to Reuters.

“I firmly believe that it is now time for a price cap on Russian pipeline gas to Europe,” she told reporters on the sidelines of a meeting of German conservative lawmakers in the town of Murnau.

The EU chief insists the measure would prevent what she called Russian President Vladimir Putin’s attempts to manipulate the European energy market.

EU energy ministers are expected to discuss the issue during an extraordinary meeting on September 9.

Meanwhile, former Russian president Dmitry Medvedev warned on Friday that in the event of the introduction of such a price cap, EU nations won’t get any Russian gas. “It will be like with oil. There will be no Russian gas in Europe,” Medvedev wrote on his Telegram channel.

READ MORE: Russia issues oil supply warning to G7

His comments relate to a plan to limit prices on Russian oil currently being discussed by Group of Seven (G7) countries. Moscow has already warned it will embargo countries that support the Washington-proposed price cap on its crude exports.

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