Draghi Calls For EU Price Cap On Russian Gas

Italian Prime Minister Mario Draghi has called on the EU to implement a price cap on Russia gas, accusing Russia of weaponising gas supplies.

• Speaking at a conference in Rimini, Italy, Draghi said: "The Italian government has pressed hard at a European level for a maximum ceiling on the price of Russian gas that we import. Some countries continue to oppose this idea because they fear that Moscow could interrupt supplies."
• A price cap is expected to be discussed at the next EU leaders summit in October, after the Italian general election next month where Draghi will be replaced as Prime Minister.
• Reuters: "The European Commission said this month it was "urgently assessing the different possibilities to introduce price caps for gas", without elaborating on what form that could take."
• The Brussels Times reported this month that a price cap on Russian gas could be effective that the gas saving strategy implemented by the EU: "The gas production is quite rigid. Gas can be stored, up to the maximum storage capacity inside Russia... It can be consumed domestically. But Gazprom has already pushed all these options to the limit, as it has been already playing this game for more than one year, since the summer of 2021."
• Draghi also said that Italy has halved its reliance on Russian gas imports and is on track to be independent of Russian gas by 2024.