European Commission supports introduction of oil prices cap

The EU supports the introduction of a cap on oil prices due to the rapid rise in energy prices, President of the European Commission Ursula von der Leyen said at the G20 summit, Report informs.

She noted that there are two points that the G20 countries should focus on: the food and energy crisis.

As far as energy is concerned, Russia’s war opened the eyes of the European Union. It sees that Russia prefers to flare gas instead of selling gas. This narrows the global energy market and leads to a rapid rise in prices. Therefore, the EU supports the imposition of a cap on oil prices, she said.

She added that this would also bring significant benefits to low- and middle-income countries.

Speaking about the food crisis, von der Leyen stressed that there are no sanctions on food products and fertilizers.

The EU fully supports the Black Sea Grain Initiative, mediated by Secretary General Guterres and President Erdogan. It needs to be expanded. In addition, in the European Union, alternative transport routes are being created for the delivery of agricultural products from Ukraine, she added.

According to her, more than 15 million tons have been exported via these routes since May, and their throughput continues to increase.