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Gazprom will stop gas supplies if EU introduces price cap

Sunday, 16 October 2022, 13:40


Russia will stop supplying gas to the European Union if the member states decide to introduce a price ceiling.

Source: European Pravda, citing the Russian edition of RBC news agency, which quotes the CEO of Gazprom, Alexey Miller


Miller said the introduction of the price cap regulation violates the terms of the contracts.

"We are following the contracts that have been signed. Such a unilateral decision is, of course, a violation of the essential terms of the contract, which leads to the termination of supplies," he said.

The EU countries have been discussing a price cap for Russian gas for several weeks but have not yet managed to agree on a solution


Next week, Brussels will publish proposals to start joint gas purchases within a few months and develop an alternative gas price benchmark as part of measures to curb rising energy prices.

With current gas prices almost 90 per cent higher than they were a year ago, most EU countries are seeking to set a price cap on fuel, but they are finding it difficult to agree on the form this should take, whether a price cap on all gas, or pipeline gas, or just gas used to generate electricity.

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