Discover and read the best of Twitter Threads about #Russiangas

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Thread: What's the latest on the idea for an 🇪🇺 price cap on #RussianGas? (1/3)

The momentum has shifted toward a cap on *all* gas imports. 13 member states have signed a letter calling for it: 🇪🇸🇵🇹🇮🇹🇵🇱🇧🇪🇬🇷🇷🇴🇭🇷🇱🇹🇱🇻🇸🇮🇸🇰🇲🇹

Enough for qualified majority? Note who's missing (🇫🇷🇩🇪)
The Commission wants a price cap just on 🇷🇺 gas, fearful that capping all gas imports will put the EU at a disadvantage in global markets - gas and LNG will go to 🇯🇵🇨🇳🇬🇧 etc who will pay more.

But Council is worried a cap on just 🇷🇺 gas would be subject to legal challenge. (2/3)
At the same time, the falling price of gas is taking some of the wind out of the sails for this idea.

In short - a gas price cap is a huge gamble. It will not be on the table for this Friday's emergency meeting of energy ministers in Brussels. Each day it looks less likely (3/3) Image
Read 3 tweets
Leaving #EUCO summit, 🇫🇷President #Macron tells journalists the exemptions for 🇭🇺🇸🇰🇨🇿 in the 🇪🇺ban on #RussianOil agreed last night are minimal.

He vows the exemptions will be time limited. But there is no such time limit in the deal. Leaders expected to revisit next month.
Macron says he doesn't rule out 🇪🇺 following up with a #RussianGas ban. “We have to keep credibility and this strategic ambiguity is also useful”

But privately energy industry insiders & EU sources tell me at this time there is almost no chance of an EU embargo on Russian gas.
Read 6 tweets
Speaking after the emergency meeting of EU energy ministers in Brussels, French minister Barbara Pompili says ministers agreed that the conditions of their contracts should be respected.

She says the Commission provided guidance on legality of paying in rubles.
Energy Commissioner Kadri Simson says she explained to ministers that payment in rubles constitute a clear violation of sanctions against Russia, "and cannot be accepted".

"Countries should not have any illusions they can rely on the good faith of Gazprom in this matter"
🇪🇺Commissioner Simson disputes the Bloomberg story that a number of European countries are already paying for #RussianGas in rubles.

She says she’s not aware of any EU country that is doing so or has announced their intention to do so.
Read 8 tweets
Waiting for the 🇪🇺 energy ministers to arrive for the emergency summit to agree an oil embargo against #Russia and a united stance on #Putin’s demand to pay for gas in #rubles.

The decisions taken today will have ripple effects throughout the global economy.
@BarbaraPompili,🇫🇷French Minister for Ecological Transition who convened this emergency meeting of energy ministers, stresses upon entering that the purpose of today's summit is to respond to Russia shutting off the gas taps to #Poland & #Bulgaria, not to discuss the #OilEmbargo.
"Today's council is exclusively on the question of gas and not on the question of oil," Pompili tells a reporter who asks about the embargo.

"We have other discussions that are ongoing, but we must stay focused today on the issue of gas."

Playing down expectations?
Read 15 tweets
1/7 How can the #EU and Member States boost energy savings through effective, socially balanced policy measures? Our latest Policy Paper “Demand-side solutions to address energy shortages” is out now…
2/7 Uncertainty about the supply of #Russiangas is challenging the EU to manage without Russian energy sources. The debate, however, lacks consideration of inclusive #demandside measures that can reduce energy consumption while supporting the EU’s long-term #GreenDeal objectives.
3/7 We have set out the potential of demand-side policies to contribute to meeting a possible energy supply deficit in the scenario of an import ban on Russian energy sources. We show that rapid #energysaving measures are possible and they can have lasting effects.
Read 7 tweets
1/9 Dedicating #RenewableElectricity to #Hydrogen cannot free the EU from #RussianGas.⚠️ What can, is using renewable electricity efficiently.
📚Read what #REPowerEU gets wrong and how to make it right.
#REPowerEU #RenewableHydrogen #Fitfor55 #REDII
2/9 How we use each TWh of electricity has a huge impact on whether we break free⛓️ from #RussianGas.

Using it in #HeatPumps displaces three times more fossil gas than using it to produce.👇
3/9 #REPowerEU foresees the total installed wind 🌬️& PV ☀️capacity to increase from today’s 360 GW to almost 1000 GW + 80 GW of renewables earmarked for #H2.

This will produce over 1000 TWh of electricity⚡️ per year. That’s the 🇫🇷 & 🇩🇪 demand combined.
Read 9 tweets
Understanding the #Russia #sanctions debate in brief!

Financial and Economic Sanctions against #Iran cutting it off from global finance and trade rank 9/10

#Russian sanctions only 5/10 for now.

A lot of room to tighten the noose, of which cutting off #SWIFT is only one part
ALL #Russian banks, big and small, need blocking sanctions. This needs to include the Central Bank of Russia, mirroring the case with current sanctions that operate against #Iran, which has also been kicked off #SWIFT. Only humanitarian, medical & food import funds to be allowed!
The ONLY remaining reason the #EU countries are resisting cutting off #SWIFT and going as far as in the case of #Iran, which is what we need to do, is because we fear (know) #Putin will immediately cut off gas supplies.

Our need for #Russian gas and the #SWIFT issue inseperable
Read 14 tweets

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