The EU on Wednesday said it will propose a price cap on Russian gas despite explicit warnings from Moscow that such a move would result in Russia cutting off all energy supplies to Europe.
“We will propose a price cap on Russian gas,” European Commission President Ursula von der Leyen. “We must cut Russia’s revenues which Putin uses to finance this atrocious war in Ukraine.”
The price cap plan is expected to be discussed on Friday during a meeting of EU energy ministers. But not all members are on board, as a minister from the Czech Republic said the issue should be taken off the agenda for Friday’s meaning.
The talk of a price cap comes as the EU is bracing for a harsh winter due to the soaring energy prices Europe is facing thanks to the US-led sanctions campaign against Russia. The EU energy ministers are set to discuss other measures to save energy, including forced electricity cuts during peak hours.
Russian President Vladimir Putin made clear on Wednesday that if the EU tries to implement a price cap on Russian gas, it will be cut off from Russian supplies. “We won’t be supplying anything if it runs counter to our interests,” he said. “Those who are imposing whatsoever on us are not in a position to tell us what they want. Let them think about it.”
Russia has also warned it will retaliate against a US-led push to implement a price cap on Russian oil that has been agreed on by the G7. If Russia retaliates by cutting oil production, it could send global oil prices skyrocketing.
8 thoughts on “EU to Propose Price Cap on Russian Gas Despite Warning from Putin”
Fools rush in where Angels fear to tread.
Like the 15th Louis, “apres moi, le deluge”, they know their “solutions” are razzle dazzle absurdities, there will be a collapse, but will champion any crack-brained idea so long as it postpones the inevitable allowing them to grab as much as they can and hit the rat line to their sundry palaces.
If this was the US, the EU would already be cut off, sanctioned, and talked to death.
With China, India and Japan already clearly NOT participating — what will other do? Follow the suicidal deal?
In fact, if ione were to be an extreme cynic, this all lioks like a planned destruction of German industry and economy. Cui Bono?
Put draconian sanctions on a country and then tell them that they can’t sell their primary asset for more than a set price, yea that should work.
Price capping Russian gas without having an effective backup plan(s) is utterly Stupid…!
When nations target their own people with propaganda of this magnitude, you know they’re getting desperate. Yellen’s proposal is marketed as a “solution”. But I’m convinced the real purpose is to provide hope.
Biden evidently still thinks that if the war goes on long enough, he can bankrupt Russia’s economy. But people who buy their own food and energy are more likely to believe that Europe will be the first to fail.
The sheer delusional idiocy of the political fiends in the US and EU is way beyond the pale. The populations of the EU must rise up and remove the politicians seeking their destruction via the great reset and greed. Russia must do everything in their power to hurt and undermine the EU and US at every turn..period
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