EU announces measures to tackle energy costs and hurt Russian profits



The European Commission has announced a number of "immediate measures" designed to slow skyrocketing energy prices and reduce the amount of money the bloc sends to Russia for its energy supplies.

Commission President Ursula von der Leyen announced five measures due to be discussed by EU energy ministers later this week.

Most significant among them is a proposal to cap the price at which European countries can buy gas from Russia, forcing Moscow to choose between selling cheap gas to the EU or not selling to the bloc at all.

"We aim at lowering the costs of gas and therefore we will propose a price cap on Russian gas," said Von der Leyen. "Of course, the objective here is very clear.

"We all know that our sanctions are deeply grinding into the Russian economy with a heavy negative impact, but Putin is partially buffering through fossil fuel revenues. So here the objective is we must cut Russia's revenues, which Putin uses to finance his atrocious war in Ukraine."