The Kremlin has not yet commented on the EU’s gas price cap. “The gas market has its own peculiarities, the situation is being analyzed,” spokesman Dmitry Peskov said on Wednesday. It is too early to talk about a decision at this point.
As reported, EU energy ministers agreed last week to temporarily limit gas prices from February. However, the project only affects large customers in the European gas trade, not end users. The price cap is a Western measure intended to limit Russia’s export earnings and thus also hinder the financing of the war.
Kremlin spokesman Dmitry Peskov had spoken of an “unacceptable” deal. There is still no answer to the gas price cap. President Vladimir Putin’s ban on oil exports to countries with a price cap cannot simply be passed on to the gas market. “The gas market has its own peculiarities, the situation is being analyzed,” he said.
Price ceiling for oil by sea
At the beginning of December, the EU countries had already agreed on a price cap for Russian oil shipped by sea. As a result, Putin on Tuesday imposed a delivery ban on all foreign customers who work with a price cap. “It is Russia’s sovereign right to react to such illegal and absolutely absurd measures as the so-called price cap,” Peskov said. Putin brought in experts for the decision, but did not coordinate with other countries in the OPEC+ oil alliance.
The price cap for oil was set at US$60 (€57) per barrel. The G7 countries, Australia and Norway have joined the measure.
Source: Krone
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