Here comes the ceiling on Russian oil. Moscow stops gas – economy

The The G7 countries decided to impose a ceiling on Russian oil prices, to reduce Moscow’s revenue and reduce the impact of the war on energy prices. At first, the Kremlin responded with a guarantee that it would not sell oil to those who applied a “price cap”. In the evening Gazprom do you know that Nord StreamThe main pipeline transporting Russian gas to Western Europe will not resume on Saturday, as was expected after three days of maintenance: after identifying “malfunctions and damage”, he said that “gas transportation” has been “completely stopped”.

In a well-established text of Moscow’s declarations, the specter of a complete halt to the return of Russian gas. After all, only a few hours before the President of the European Commission Ursula von der Leyen She said to herself, “From her firm belief that It’s time to cap the price of gas from Russian gas pipelines in EuropeLakonika immediately received a replica of the” Hawk “Dmitriy Medvedev, Deputy Chairman of the Russian Security Council and ex-president: If the European Union imposes a “price ceiling”, then Russian gas will “no longer exist” in Europe.

Just waiting for Nord Stream to restart on Saturday sent gas prices down, with futures contracts for Ttf, the benchmark for the price of natural gas in Europe, down 11.7% to €214. Regarding the oil ceiling to be decided by the G7, it remains to be understood what way it will follow, what the threshold will be, and above all how other big oil buyers, such as India and China, will react. As for action in the European Union to combat energy prices, the priority, as von der Leyen noted, remains energy savings “especially at peak times”.

It will then be necessary to use some of the additional profits of the electricity producers to support the most vulnerable individuals and activities. In the medium term, then, the composition of the electricity market will have to be reviewed by assessing, for example, “decoupling”, that is, decoupling the price of gas from the price of electricity, as well as making huge investments in renewable energy. Possible moves the Commission is working on at the moment, according to an informal paper circulating in Brussels, include an electricity supply scheme similar to the one on gas provision already launched by the European Union, and the introduction of an ‘inframarginal’ price limit. “Electricity generation technologies (those that are low-cost such as renewables, nuclear and coal because they bring in additional profits thanks to higher gas prices). This is where the money will come to finance retail price interventions.

However, waiting for discussion in the Extraordinary Council of Energy Ministers on September 9. Von der Leyen could then announce some of the specific measures already in the State of the Union address on 14 September. Returning to the G7, he expressed, after the commitment made at the Elmau Summit to prevent Russia from benefiting from the war on Ukraine, and affirmed “the common political intention to end and implement a comprehensive blockade of services allowing the shipping of crude oil and petroleum products of Russian origin in the world. The provision of such services is permitted only if oil and petroleum products are purchased at a price equal to or less than the value (“maximum price”) established by the broad coalition of countries to which they comply and implement this procedure. EU Commissioner for Economics Paolo Gentiloni commented that the G7 would work on a “broad global coalition to finalize the design and level of the price ceiling” on oil and the Commission would work “to reach consensus among our 27 member states”.

“Russian extortion is clear to everyone, among other things, the increase in prices set by the fund was in favor of the Russians because they gave us less gas at a higher price,” which allowed them “to earn a lot of money to finance the war.” The Minister for Environmental Transformation said Roberto Cingolani on Tg1 by threatening Russia to cut off the flow of gas to Europe. “Russia cannot suspend supplies so quickly because it has no other pipeline to put this gas and sell it elsewhere. It’s poker.”

will deserve “One or two billion” planned intervention The Minister of Tourism expected next week by the government “the immediate release of energy and gas at a controlled price”, Massimo Garavaglia. It’s “isolating interference” and it’s “not a small matter”. Garvaglia explained that “Minister Singolani’s main lines” envision “two decrees in favor of energy consumers and gas eaters.” “Early next week, the government will implement measures that will reduce the costs of the energy bill, the goal is to restore purchasing power. Italy has been demanding a gas price ceiling for months, and not everyone has agreed. The European Union but things are changing”, says the Minister of Health Roberto Speranza.

political debate
“At the moment, Italy has two priority emergency situations that must be resolved. Immediate interventions are needed to prevent increases in electricity and gas, but also to stop tax billing by the Revenue Agency.” The league captain’s permission, Matteo Salvini. “I don’t want to win an election with a country on its knees and a million more unemployed people. There is a government that is still in power. As France did, which immediately allocated 30 billion,” Salvini said.

“There are entrepreneurs deciding whether to shut down or take debt to close at the end of the year and that’s not possible.” So the Minister of Foreign Affairs and the leader of civic engagement, Luigi Di Maio On the sidelines of the Ambrosity Forum. It is “a moment of great suffering for our Italian companies, from the smallest business to the largest manufacturing company – the minister adds – everyone is suffering from the price of energy that stems from Putin’s blackmailing of Europe, from the game he plays in reducing gas quantities that then allows for strong speculation in the Ttf in Amsterdam” . As for the hypothesis of energy rationing, Di Maio replied that “the only rationing I want to do at the moment is on the bills of Italian companies. Pay the Italian bills for 80%, otherwise the companies, whether rationing or not, will not be able to cope with the fall, nor until winter.”

“I am in complete agreement about the price cap: We have secured maximum support for the government in a fight we consider essential. In the past few hours, I have become a little more optimistic than I have been in recent days.” Fdi leader said that Georgia Meloni On the sidelines of the electoral rally in Cagliari. “We will do what we can to lend a helping hand to Italy in this sense – and he added, in response to one question from a reporter – I think we can work at the Italian level to separate the price of electricity from the price of gas. It involves a significant and immediate reduction in bills.”