Energy crisis: G7 decides to impose a ceiling on the price of Russian oil

Energy crisis: G7 decides to impose a ceiling on the price of Russian oil
Energy crisis: G7 decides to impose a ceiling on the price of Russian oil

For its part, Russia threatens to suspend supplies of oil and petroleum products to states that decide to impose a ceiling on its price.

In a first step for the containment of energy prices will advance today the most developed industrialized countries, as they meet the finance ministers of the G7in order to discuss the US government’s proposal for imposing a ceiling on the price of Russian oil.

Meanwhile, a week later, on On September 9, the EU energy ministers will hold an extraordinary meeting., where they will also put on the table the ceiling on the price of natural gas, but also the decoupling of the price of electricity from that of gas.

At the same time, as it became known yesterday, on September 14, Ursula von der Leyen will announce the Commission’s proposals for imposing a ceiling on the price of natural gasin a first attempt by Europe to contain energy prices in view of the difficult winter ahead for households and businesses.

The ceiling on the price of gas means that the EU will collectively decide on a maximum price, above which it will refuse to buy the Russian energy product.

It is noted that the Greek Minister of Energy and Environment, Kostas Skrekas, has already sent letters to its 26 counterparts, in which they describe the Greek proposal for a mechanism to recover excess revenues from power companies, which has been implemented in Greece for two months with significant results. “For August, we have recovered almost 900 million euros from the power generation companies and have led them to the energy transition fund to subsidize the bills of the Greeks,” he said characteristically.

Russia: We will stop supplying oil to countries that will impose a cap

Meanwhile, Russia threatens to cut off oil supplies and petroleum products in the states that will decide to impose a ceiling on its price, through the deputy prime minister, Alexander Novak.

“Regarding the price caps, if they impose restrictions, we will simply stop supplying oil and oil products to the companies and states that will take these measures because we are not going to operate non-competitively,” he said.

He even described as “absolutely absurd” the proposals to impose restrictions on the price of Russian oil, adding that the measure in question could completely destroy the global oil market.

“Interfering with market mechanisms in such an important industry as oil, which is indeed the most important in terms of the energy security of the entire planet, and these kinds of efforts will only lead to destabilization,” he added, noting that European and American consumers who already pay more for energy will be the ones who will be harmed by this measure.

Source: skai.gr

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The article is in Greek

Tags: Energy crisis decides impose ceiling price Russian oil

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