CEO Gazprom said that any decision to impose a price cap on Russian natural gas exports would lead to suspension of gas supply to Europe.
Miller said, “Such a one-sided decision is of course a violation of existing contracts, which would lead to a termination of supplies.”
Russian gas supply to Europe had already decreased since the Ukraine invasion as the EU rushed to diversify its sources of the commodity while Gazprom reduced flows via the Nord Stream 1 pipeline before it got blown up last month.
Russian gas deliveries to Europe have already declined substantially since the Ukraine invasion as the EU rushed to diversify its sources of the commodity and Gazprom reduced flows via the Nord Stream 1 pipeline before it got blown up last month.
The European Union has been facing a dilemma to find a way to reduce its gas bill, with price caps but there is no agreement yet on the kind of price caps to be implemented.
A group of 15 members has called on the Commission to implement price caps on all gas imports, both from Russia and from countries such as Norway, Algeria, and the United States.
The Commission and some other EU members, however, have warned against such a move as it would put the security of supply at risk.
The Commission has instead proposed a price cap on Russian gas supply only, prompting a reaction from the Russian side. EU leaders are meeting again at the end of this week to discuss their options.
