EU threatened with complete halt of Russian gas supplies — Analysis

Former President Dmitry Medvedev’s comment came after the European Commission President proposed a gas-price cap

Moscow would halt its gas supplies to the European Union altogether should the bloc impose a price cap on Russian fossil fuel, Dmitry Medvedev, who served as the country’s president from 2008 to 2012 and is currently the deputy chairman of Russia’s Security Council, has warned.

Medvedev commented on an earlier comment made by Ursula von der Leyen, President of the European Commission, in a Telegram message.

The same will happen with oil. There simply won’t be Russian gas in Europe,” the politician wrote.

His warning came shortly after von der Leyen said that she firmly believed “Now is the time for price caps on Russian-pipeline gas going to Europe.” The official noted that the ceiling “Can be made at the European level.” adding that “There is also a European legal foundation that allows temporary withdrawal of profits in times of emergency.

G7 unveils plan to enforce Russian oil price cap

Also on Friday, G7 foreign ministers issued a statement following an online meeting, which signaled the countries’ “Joint political intent to implement and finalise” a price cap on Russian oil.

According to the communique, the measure is “specifically designed to reduce Russian revenues and Russia’s ability to fund its war of aggression whilst limiting the impact of Russia’s war on global energy prices.

The Group of Seven also expressed hope that a “Broad coalition” of countries would abide by the proposed price ceiling.

Moscow already stated that if such restrictions were placed on oil sales, Moscow would cease selling crude to these countries and instead turn to other buyers.

Following the start of Russia’s offensive against Ukraine in late February, gas prices have climbed to record highs in Europe. The result has been a dramatic increase in inflation overall.

Russia has reduced its gas supply to the EU by a tiny amount over the last few months, bringing it down to only a third of the levels before February. Moscow has claimed that cuts were due to technical reasons, as well as planned maintenance.

For its part, the bloc accuses Russia for waging war on its energy exports.



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