Novak warns of reverse effect of gas price ceiling

MOSCOW, 14 Oct – PRIME. Restricting prices for all gas imported by EU countries may result in rising prices for this raw material and its shortage, said Russian Deputy Prime Minister Alexander Novak.

He expressed hope that Europe would not resort to this measure, since the result of its introduction could be directly opposite to what the EU is counting on.

“There are opponents in the discussion who take an absolutely reasonable and correct position, saying that this is interference in the market economy, which will lead to nothing good, except for a shortage and an increase in gas prices. I hope that this decision will not be taken,” Novak told Asharq News TV channel.

Earlier, energy ministers from several EU countries made proposals to the European Commission on gas price ceilings. In their letter, they proposed using a joint procurement platform, optimizing gas storage filling mechanisms and increasing fuel imports from reliable partners. In addition, it is proposed to intensify efforts to reduce energy consumption and accelerate the introduction of renewable energy sources.