Novak: Russia will decide on the answer to the gas price ceiling after studying the documents
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The decision of the EU countries to introduce a gas price ceiling is more a political decision than an economic instrument, and Russia’s response to it is possible after studying the legal documents. This was stated by Deputy Prime Minister Alexander Novak, transmits “RIA News”.
“It is necessary to study all the legal documents, which are not yet in full. This is more of a political statement and decision than an economic instrument,” he said.
EU countries 19 December agreed gas price limit of 180 euros per 1 MWh, which corresponds to $1975 per 1000 cubic meters. The ceiling will take effect from February 15, 2023. The ceiling will be activated if the gas price at the TTF gas hub in the Netherlands (the most liquid gas hub in the EU) exceeds the agreed level, and the spread to the price of liquefied natural gas (LNG) in the EU will be more than 35 euros per 1 MWh.
Press Secretary of the President of the Russian Federation Dmitry Peskov named the EU’s decision “is an attack on market processes”, noting that Moscow will need time to prepare a response to new restrictions. The Kremlin also has not yet announced what retaliatory measures Russia will take in response to the price ceiling for Russian oil, they are currently being worked out.
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