Putin vows ‘end of supplies’ as EU mulls last ditch move to end Russian energy cash cow

This proposal is far lower than the bloc-wide gas price cap that was called for by 15 EU countries, by opposed by others such as Germany, Austria and the Netherlands, who argue that such caps could lead to a gas shortage and fail to incentivise energy saving.

Georg Zachmann, an energy expert at think tank Bruegel said: “As a result of falling gas prices, this proposal shows that the appetite for ambitious reform, such as a price cap, is fading.”

A loss of Russian gas would deal a devastating blow to the global economy, as the International Energy Agency has already warned that the world in the brink of recession following OPEC’s move to cut oil production.

They wrote: “The Opec+ bloc’s plan to sharply curtail oil supplies to the market has derailed the growth trajectory of oil supply through the remainder of this year and next, with the resulting higher price levels exacerbating market volatility and heightening energy security concerns.

“With unrelenting inflationary pressures and interest rate hikes taking their toll, higher oil prices may prove the tipping point for a global economy already on the brink of recession.”

Article source: https://www.express.co.uk/news/science/1684003/putin-news-gazprom-end-gas-supplies-eu-price-cap-russian-sanction-energy-cash-cow