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    France backs EU gas price cap: press

Summary

Franco-German power axis in EU has swung behind a gas price cap on Russian imports.

by: Callum Cyrus

Posted in:

Complimentary, Natural Gas & LNG News, Europe, Security of Supply, Political, Regulation, Supply/Demand, News By Country, EU

France backs EU gas price cap: press

France is supporting the proposed cap on Russian gas prices floated by EU commission head Ursula von der Leyen last week, European political and public policy paper Politico.eu reported September 6.

Speaking after a call with German chancellor Olaf Scholz, French president Emmanuel Macron reportedly said: "If the commission were to decide to implement a price cap of natural gas purchased via pipelines from Russia, France would support such a measure."

Politico said it has obtained documents that outline the price cap, as well as plans for an EU-wide gas benchmark and top-down reallocations of supplies to member states which face shortages.

These policy proposals had previously been rejected by Brussels, Politico added, as they were deemed unpredictable and presented several knock-on effects for European gas markets to contend with, however Brussels has seemingly had second thoughts since Gazprom shut down Nord Stream indefinitely late last week.