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7 Oct, 2022 13:40

EU member issues warning over energy price caps

Luxembourg’s PM warns that bloc may be short on energy supplies due to anti-Russia sanctions
EU member issues warning over energy price caps

The European Union may be left with no energy supplies if it introduces gas price caps, Luxembourg’s Prime Minister Xavier Bettel said as he arrived at the bloc’s summit in Prague on Friday.

“Implementing a price cap is not the only thing,” Bettel said. “Because, after, maybe we can’t get energy. So then, maybe we have a price cap but no energy.”  

EU leaders are expected to discuss how to deal with gas prices to curb soaring energy bills during their informal summit in the Czech capital. The talks will include a proposal on a gas price cap.

“We have to know we’re not the only customers in the world,” he added. “So, we have to be very careful about decisions that we take that sound good on paper but where consequences can be problematic.” 

The issue has been hotly contested for weeks, with Germany, Denmark, and the Netherlands in opposition to any form of cap due to concerns regarding security of supply.

On Thursday, Brussels announced the eighth package of restrictions on Russia, which includes a price cap and “further restrictions” on the maritime transportation of Russian crude oil and petroleum products to third countries. 

The latest batch of penalties has been blasted by several EU nations, including Hungary and Serbia.

Earlier, Hungarian Prime Minister Viktor Orban said that anti-Russia sanctions had failed, adding that the bloc was “slowly bleeding” due to the drastic steps. Meanwhile, Serbian Interior Minister Aleksandar Vulin has described the eighth package of anti-Russia penalties as the “first EU sanctions package” against Serbia.

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