FX-guidance Blog Finance Italian Prime Minister called the goal of limiting oil prices from Russia

Italian Prime Minister called the goal of limiting oil prices from Russia

Prime Minister of Italy Mario Draghi acknowledged that imposing a ceiling on the prices of minerals imported from Russia has a geopolitical purpose in addition to economic and social. He stated this during the G7 summit in Germany, ANSA reported on June 26, citing sources in the Italian delegation.

“It is necessary to reduce funding for Russia [за счет покупки энергоносителей в РФ]. And we must eradicate the main causes of inflation, ”the agency quotes him as saying.

He also noted that the energy crisis should not “spawn a return of populism” as in 2008.

“We have all the tools for this. It is enough to mitigate the increase in energy prices, compensate the costs to families and companies and tax companies with excess profits,” the Italian Prime Minister said.

It is known that Italy insists on introducing a price ceiling for Russian gas in the EU, which would also serve as an alternative to a complete embargo, at least until the moment when gas from the Russian Federation is completely replaced by alternative supplies. However, while this proposal does not find full support among all EU countries. Earlier, Draghi said that the European Commission should develop its proposals on this matter, and the leaders of European countries should return to discussing this issue in October.

At the same time, a number of sector experts express doubts about the possibility and effectiveness of this measure, since it is difficult to determine the criteria by which this price ceiling will be set. Questions are raised by who will do it – the EU, individual states or companies. If this measure is applied only to the supply of Russian gas and under existing contracts, this can be considered as a violation of their terms.

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