G7 NEGOTIATORS, led by the US and Italy, have been promoting a system that limits the flow of money to Russia and curb inflation as energy prices keep rising, reports Bloomberg.
Russia's war and limiting its profits from rising energy prices have been among the main topics of discussion for leaders gathered for three days in the Bavarian Alps.
The US has been pushing for a mechanism to cap oil while allowing large buyers, like China and India, to keep buying. Italy's Prime Minister Mario Draghi has been advocating using a similar mechanism on gas.
European Union leaders have asked the EU Commission to explore capping gas imports at a certain price. However, some member states remain skeptical about the idea, arguing that it distorts markets, while others worry that Russia could retaliate and cut supplies further.
Moscow has already reduced its gas supplies to Europe's main importers, including Germany and Italy, citing technical issues. EU leaders have accused Russia of weaponising energy supplies.
SeaNews Turkey
Russia's war and limiting its profits from rising energy prices have been among the main topics of discussion for leaders gathered for three days in the Bavarian Alps.
The US has been pushing for a mechanism to cap oil while allowing large buyers, like China and India, to keep buying. Italy's Prime Minister Mario Draghi has been advocating using a similar mechanism on gas.
European Union leaders have asked the EU Commission to explore capping gas imports at a certain price. However, some member states remain skeptical about the idea, arguing that it distorts markets, while others worry that Russia could retaliate and cut supplies further.
Moscow has already reduced its gas supplies to Europe's main importers, including Germany and Italy, citing technical issues. EU leaders have accused Russia of weaponising energy supplies.
SeaNews Turkey