Scholz Warns EU against Setting Price Ceiling for Energy

Germany Chancellor Olaf Scholz warned of the dangers of capping gas and oil prices.

According to the Welt newspaper, Scholz admitted that setting a price ceiling for political reasons would be a danger to Europeans as gas producers would sell their gas elsewhere.

The chancellor added that the EU should closely coordinate its actions with other major gas consumers such as Japan and Korea "so that we do not compete with each other."

"I am convinced that the United States, Canada, and Norway, in solidarity with us on Ukraine, are interested in Keeping energy affordable in Europe," Scholz concluded.

Ursula von der Leyen, the president of the European Commission, spoke of the need to set a price ceiling for Russian gas.

According to von der Leyen, this will slow the rise in electricity prices, However; EU energy ministers were unable to agree on the introduction of such a measure.

President Vladimir Putin had indicated, in his comment on the idea of limiting prices, that Russia would not provide anything abroad if it contradicted its interests.

On his part, CEO of Gazprom Alexey Miller mentioned that such unilateral steps by the European Union would be a violation of the basic terms of the contract, and this entailed stopping supplies.