EU carries out plan for ceiling on Russian gas costs| MENAFN.COM

Sunday, 03 July 2022 09:26 GMT

EU carries out plan for ceiling on Russian gas costs


(MENAFN) Italian daily La Repubblica reported on Tuesday that European Union leaders are preparing a plan to limit the price associate states pay for Russian gas imports, pointing out that the idea is going to target pipeline gas and exclude liquefied natural gas (LNG).

Italy suggested a natural gas cost ceiling as a way to improve the 27-member union's inflation rate. Italy has committed to replacing all of the Russian gas, which makes up 40 percent of its imports, within two years. The efficiency of such a strategy, however, has drawn criticism from other European Union countries.

The journal claims that Brussels wants to restrict consumer prices at between Euro80 and Euro90 per MWh. The price has topped Euro200 per MWh on several days during the Russia and Ukraine crisis, according to the newspaper, which stated that it hit Euro120 per MWh the current week.

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