The European Union expects that Russia will not comply with gas contracts

ROME, Sep 3 – PRIME. The European Union expects that Russia will comply with gas supply contracts and is ready to react otherwise, the proposal to introduce a gas price ceiling may develop, said European Commissioner for Economics Paolo Gentiloni.

“We expect Putin to respect the existing contracts, but even if he doesn’t, the EU is ready. The European Commission has been working in recent months to increase stockpiles in storage facilities and coordinate energy savings between different countries,” askanews quoted him as saying.

Gentiloni also announced a change in the position of European countries regarding the introduction of a ceiling on prices for Russian gas supplies.

“The wall that divides the opinions of various countries is starting to show some gaps, and therefore the proposal of the European Commission … can finally move forward. It would really be a big breakthrough,” he said on the sidelines of the economic forum in Cernobbio on Lake Como.

The day before, the head of the European Commission, Ursula von der Leyen, announced the need to introduce a cap on the supply of Russian pipeline gas to Europe.

“I consider it significant that the President of the European Commission and the heads of the G7 finance ministries simultaneously made political decisions that must now be implemented in legislative and operational terms on the gas price ceiling and the oil price ceiling,” Gentiloni said.

G7 finance ministers (Great Britain, Germany, Italy, Canada, the US, France and Japan) agreed on Friday to introduce a “price cap” on Russian oil and urged other states to join the initiative. As US Treasury Secretary Janet Yellen said in this regard, such a step is designed to “accelerate the degradation” of the Russian economy.