The European Union expects Russia to stick to existing energy contracts, but is ready to take on the challenge if it doesn't.
European Commissioner for Economic Affairs Paolo Gentiloni made the relevant statement after Russia refused to resume gas supplies along the main route to Germany and complicated Europe's problems in providing fuel for the winter.
Reuters writes about this.
Asked about the shutdown of the Nord Stream 1 gas pipeline, Gentiloni told reporters: “We are not afraid of Putin's decisions. We ask them to respect their contracts, but if they do not, we are ready to respond.”
Gentiloni cited the EU's high levels of gas storage and plans to cut energy consumption as a sign that the continent is bracing for a tough winter.
Speaking on the sidelines of the Ambrosetti Forum in northern Italy, the European Commissioner said that measures to help consumers with rising bills must be targeted and not include higher levels of debt.
Gentiloni also urged other countries to join the price cap on Russian oil agreed by the G7 finance ministers on Friday.
“We discussed how to build a broader coalition. I'm sure countries like Australia and South Korea might be interested in joining this coalition “, – said the European Commissioner, noting that the decline in oil prices will benefit countries, even if they do not formally sign the agreement.
Recall that the finance ministers of the G7 member countries adopted a plan to set a ceiling price for Russian oil. This will deprive Russian President Vladimir Putin of additional income to continue the war against Ukraine.
The initial maximum price of oil from the Russian Federation will be set at a level based on a number of incoming technical data. The price will be determined by the whole coalition before it is introduced in each jurisdiction.
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