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Price cap on Russian gas not enough – Belgium — Analysis

Premier Minister De Croo proposes to set a limit on gas imports into the EU from any other country.

Alexander De Croo, the Belgian Prime Minister, has stated that a Russian price cap would not suffice. He also called for the proposal to apply to all imported gas into the European Union.

In an interview with POLITICO on Thursday, De Croo said this “Key measure” on the part of the bloc “It is necessary to [include] All types of gas.” He also warned that failure to heed his advice would be a “big mistake.

In the Belgian official’s view, the price cap would have to be implemented in a “Dynamic way” that is, making sure it would still make sense for exporters to sell gas to the EU instead of shifting to Asian markets. De Croo clarified that with the current gas prices in Asia being roughly 50% lower, setting the price cap just 5 percent higher than Asia would ensure that “All world traders will sell Europe indefinitely.




Earlier on Thursday, Belgium’s Energy Minister revealed that his country would not support the European commission’s plan to impose a price cap specifically on Russian gas imports.

Russian gas caps are not a political goal.” the minister said, adding that Belgium “This will not be accepted” as it did not “You will see the value added.

De Croo has been pushing his plan for months. While some members states, such as Greece and Poland, support the idea, other countries, like France remain skeptical. POLITICO reports.

Gas prices in Europe surged following the start of Russia’s military offensive in Ukraine in late February and have remained considerably higher than last year’s levels. Inflation has risen as a result.

Gazprom, the Russian energy company, said last Friday it wouldn’t resume supplying gas via Nord Stream 1 to EU consumers due to sanctions-related maintenance issues. The EU has also accused Russia of supplying weapons-grade energy.

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