Von der Leyen: “It’s time for an EU gas price cap”

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MILAN – The long-distance confrontation between Europe and Russia on gas continues. “I am of the firm belief that it is time for a ceiling on the price of gas from Russian gas pipelines in Europe”, said the president of the EU commission. Ursula von der Leyenin a statement on the sidelines of the Union’s day of seclusion in Bavaria.

Gas, here’s the government savings plan. The extra profit tax will go up

by Serenella Mattera

02 September 2022

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Moscow’s usual response arrived immediately. Russian gas “will simply be gone” in Europe if the European Union imposes a price cap, the deputy head of the Russian Security Council said. Dmitry Medvedev, quoted by Tass, commenting on the statements of the President of the European Commission Ursula von der Leyen. “It will be like oil. There will simply be no Russian gas in Europe,” Medvedev warned.

Meanwhile, prices in Amsterdam continue to decline sharply, on the eve of the restart of supplies to Europe through Nord Stream, after the suspension which started on 31 August. Contracts in October, traded on the Ttf platform in Amsterdam, fell to 203 euros at the MvH, then rising towards 220 over the middle of the day. “Today the prices of Ttf gas are decreasing as the flows of Nord Stream 1 seem to start again tomorrow at 20% capacity, although Gazprom stated that, given the operation of only one turbine, the pipeline is approximately every 42 days. need for a maintenance period (the next would be in mid-October) “, underline the analysts of Mps capital services.

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Kremlin: “Nord Stream’s reliability at risk”

Previously, the Kremlin had already warned about the resumption of operations of North Stream. The pipeline’s reliability, spokesman Dmitry Peskov said during a press briefing, has been jeopardized, as it has no technological equipment. Journalists asked Peskov if further repairs to the Nord Stream 1 pipeline were possible after its resumption of operations on 3 September. Peskov replied: “There are no technological reserves; only one turbine is working. Do the math.”

G7 ministers towards Russian oil price ceiling ok

Meanwhile, G7 finance ministers are preparing to announce an agreement to cap the price of Russian oil in an attempt to limit the Kremlin’s export earnings and reduce financial support for its war against Ukraine. Finance ministers from the US, UK, France, Germany, Italy, Canada and Japan will support the move at a virtual meeting this afternoon, according to the Fiancial Times. “A deal is likely,” said a European G7 official.
The cap would be effective in line with EU embargoes on Russian crude oil imports, already present in the sixth round of sanctions in Moscow: December 5 for oil and February 5 for refined products, one of the officials said.

The article is in Italian

Tags: Von der Leyen time gas price cap

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