France will support setting a price ceiling for Russian gas supplied via the pipeline if the European Commission proposes such a measure as part of further sanctions against the country's special military operation in Ukraine, French President Emmanuel Macron said on Monday
PARIS (Pakistan Point News / Sputnik - 05th September, 2022) France will support setting a price ceiling for Russian gas supplied via the pipeline if the European Commission proposes such a measure as part of further sanctions against the country's special military operation in Ukraine, French President Emmanuel Macron said on Monday.
This spring, Italy proposed imposing a price ceiling for Russian gas to contain ongoing increase in energy prices. In late August, Italian Prime Minister Mario Draghi said that EU leaders would discuss the issue at the next meeting of the European Council in October.
"If the European Commission decides to set a price ceiling for Russian gas supplied through the gas pipeline, France will support this measure," Macron said at a joint press conference with German Chancellor Olaf Scholz.
Paris also favors joint gas purchases that will allow the EU to buy the "blue fuel" at a lower price, the French president added.
Moreover, Macron noted that the share of Russian gas in the EU market had decreased from 50% to 9% since the beginning of 2022. According to the French leader, the bloc has prepared for a scenario, in which the winter will be cold and Russian gas supplies will be stopped.
"To do this, we will have to reduce electricity consumption by 10%," Macron said.
On February 24, Russia began a military operation in Ukraine, responding to calls for help from the breakaway republics of Donetsk and Luhansk. The West and its allies have responded by imposing comprehensive sanctions against Russia, with the EU pledging to end its dependence on Russian energy supplies. The bloc has already approved seven packages of sanctions against Moscow, including gradual phase-out of Russian oil.
The Western sanctions have resulted in disruptions of supply chains and a spike in energy prices worldwide. The wholesale electricity price in France are expected to reach a record high of over 1,000 Euros (over $1,000) per megawatt-hour in 2023, which is 1,000% more than in 2021, according to French media.
