G-7 to Tell Ministers to Explore Price Cap on Russian Gas

Group of Seven leaders are set to instruct ministers to explore implementing a price cap on Russian gas, according to people familiar with the discussions. This is reported by Bloomberg.

The mandate is expected to be announced as the three-day summit ends Tuesday. It comes as part of broader discussions on how to limit the profit Russia makes on its energy exports. The leaders are also expected to mention a mechanism to cap prices on Russian oil in the final communique.

Natural gas price caps are being actively promoted, in particular, by Italy. Russia’s war and limiting its profits from rising energy prices have been among the main topics of discussion so far for leaders gathered for three days.

European Union leaders have asked the EU Commission to explore capping gas imports at a certain price. However, some member states remain skeptical about the idea arguing that it distorts markets, while others worry that Russia could retaliate and cut supplies further.

10:55 / 28 June 2022

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