EU backs out from capping Russian oil & gas prices

EU backs out from capping Russian oil & gas prices

⚡️EU backs out from capping Russian oil & gas prices

According to a leaked document, the European Commission is retreating from imposing a price cap on Russian oil and gas prices, but is pushing for windfall taxes on "surplus" profits from energy companies.

According to the draft regulation, the commission estimates a five-fold increase in the profits of oil, gas and coal companies in 2022.

European Commission President Ursula von der Leyen is expected to make an official statement on Wednesday. No rate for the windfall tax is proposed in the text, but the document is still subject to change.

EU may limit Russian gas supplies imports in late autumn

A RIA Novosti source said that the EU countries seek to limit the volume of gas imports from Russia at the end of autumn.

"The European Commission is working and exploring various tools to understand how the EU can limit the volume of Russian gas deliveries as soon as possible, while not forcing countries that are still heavily dependent on Russian gas imports," the source said.

The source did not rule out that the EU restriction on gas imports from Russia could be similar to a ban on Russian oil supplies.

They noted that the restriction "may become part of a future package of sanctions against Russia, especially by the end of autumn, when gas storage capacity reaches its maximum."

Financial News Digest

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