EU unanimity on price cap in Russia a ‘challenge’, says Le Maire


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The European Union must act unanimously to impose a cap on Russian oil prices and overcome the reluctance of some member countries to support the G7 initiative to limit Russian energy revenues, said the French finance minister, Bruno Le Maire.

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Read more: G-7 backs Russian oil price cap plan with key buyers yet to join

G-7 leaders agreed to cap oil prices, but without the support of EU member states “it will be a challenge, let’s be very clear, it will take time,” Le Maire said in a statement on Saturday. interview at the Ambrosetti Forum. in Cernobbio, Italy. “But we have to explain to the 27 member states that if we want to be consistent with the sanctions policy, it is necessary to cap the price of oil.”

Because Russia is under sanctions, it should not benefit from oil or gas revenues, he said.

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The Mayor said there should be a broad consensus to limit Russian energy revenues and that the cap should be supported by countries outside the G-7 so that it is not seen as a “Western initiative against Russia”. but as a “global initiative against war”. in Ukraine.”

Russia has limited gas supplies to the EU, contributing to a spike in prices and concerns over shortages in the colder winter months ahead. Russian energy giant Gazprom PJSC announced on Tuesday that it would cut off gas supplies from French Engie SA. On Friday, hours after the G-7 announced the price cap plan, Gazprom said it had halted flows through its main Nord Stream pipeline indefinitely, a move decried by European politicians as an attempt to use energy as a weapon.

Read more: Europe’s energy crisis worsens after Russia shuts down pipeline

“I think it’s no surprise,” Le Maire said. “We have to prepare for a complete shutdown of gas supplies from Russia.”

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