Limiting the price of Russian oil – the EU failed to agree on a limit

4 EU diplomats mentioned ministers assembly in Brussels for the Vitality Council had reached casual settlement on much less controversial components of the Vitality Disaster Fee’s bundle. At the similar time, they didn’t agree on additional actions on the so-referred to as market correction mechanism.

Belgium, Spain, Italy, Poland and Greece oppose the Fee’s proposal the most, two diplomats mentioned. They’ve made it clear that they won’t formally agree to a broader bundle till the gasoline price cap is resolved.

That might require one other emergency Vitality Council, set for December 13, in accordance to three diplomats, permitting any settlement to be signed at a December 15 and 16 assembly of EU leaders.

Thus, the Market Correction Mechanism proposed by the Fee will present for capping the price of transactions a month prematurely at the primary EU buying and selling level TTF, however solely when costs exceed 275 euros per MWh for 2 weeks, and these costs are 58 euros larger than the world market. the price of liquefied pure gasoline for 10 days.

International locations that assist the restrictions mentioned they had been designed to by no means be used. At the similar time, skeptical nations mentioned that this proposal dangers undermining the bloc’s monetary stability.

Ministers informally agreed on the Fee’s plans to speed up the approval of renewable vitality initiatives and a solidarity bundle on the vitality disaster, together with plans for joint gasoline purchases, solidarity measures to guarantee the trade of gasoline provides inside the EU and a new benchmark for LNG costs.

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