EU PLANS RUSSIAN GAS PRICE CAP DESPITE PUTIN THREAT

The European Union’s executive body has proposed capping the price of Russian gas, within hours of Russia’s leader condemning the idea as stupidity.

Energy prices have soared in the wake of Russia’s invasion of Ukraine, forcing the EU’s 27 states into action.

European leaders have accused Moscow of “weaponising” its gas exports in response to Western sanctions on Russian individuals and businesses.

While the Kremlin denies that is the case, the big Nord Stream 1 pipeline into northern Germany has been shut indefinitely, with Moscow directly blaming sanctions.

Last week, the G7 group of nations – announced a price cap for Russian oil – a move it said would reduce both Moscow’s revenue for its Ukraine invasion, and inflation in the West.