Russia's Gazprom: If Europe Imposes Price Cap, Gas Supplies Will Be Halted
The introduction of a price cap on Russian gas in Europe, if such a decision is made, will be a violation of the contractual terms and will entail the termination of supplies, Alexey Miller, the head of Russian energy giant Gazprom, said on Sunday.
"We are guided by the contracts that have been signed. Of course, such a unilateral decision is a violation of the essential terms of the contract, which entails the termination of supplies," Miller told Russian broadcaster Rossiya 1.
On October 7, the European Union introduced the eighth package of sanctions against Moscow which, among other things, sets a framework for capping the price of Russian seaborne oil exports at a level coordinated by G7 allies, Sputnik reported.
The measure will go into effect on December 5 for crude oil and on February 5 for refined petroleum products. Some EU countries, including Hungary, were excluded from such measures as they import Russian oil through pipelines.
In addition, at the end of September, the energy ministers of 15 EU countries sent a joint appeal to the European Commission in which they advocated the introduction of a price cap for all gas imports into the EU, regardless of their origin, to curb rising energy prices.