European Commission to Discuss Price Cap on Russian Gas on Tuesday - Source

MOSCOW (Pakistan Point News / Sputnik - 06th September, 2022) The European Commission will discuss on Tuesday the introduction of a price cap on Russian gas to counter the energy crisis and strengthen sanctions on Russia, a source in the EU told Sputnik on Monday, adding that the proposal was likely to be accepted.

"This is included in the proposal but in order to include it for the energy ministers, the Commission will need to discuss it with the member states' ambassadors in the COREPER (Committee of Permanent Representatives) tomorrow," the source said.

According to the source, the proposal is most likely to be adopted during tomorrow's meeting and submitted for discussion to EU energy ministers on Friday.

On February 24, Russia began a special military operation in Ukraine responding to calls for help from the breakaway republics of Donetsk and Luhansk. The West and its allies responded by imposing comprehensive sanctions against Russia, with the EU pledging to end its dependence on Russian energy supplies.

On Friday, G7 finance ministers confirmed their intention to impose price caps for Russian oil as part of expanded sanctions against the country. The price cap will take effect on December 5 for crude oil and on February 5, 2023, for refined products coming from Russia. Moscow, in turn, pledged to stop exporting Russian oil to the states that would apply the limits.