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Europe Fails To Agree On Russian Gas-Price-Caps Faced With “Hard-Core Physical Reality”

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An emergency meeting of EU energy ministers on Friday meant to reassure both energy companies and the European public regarding soaring prices and severely strained supply amid Russian countermeasures in response to Western sanctions is off to shaky and fractured start. Rather than reassure anyone of anything, it’s already clear the issue of a proposed cap on gas prices has only divided the bloc further, akin to the same prior question with oil.

Leading the way in pointing out the flawed logic of the plan, Hungarian Foreign Minister Peter Szijjarto pointed out the blowback would be worse than the sting aimed at Russia. “If price restrictions were to be imposed exclusively on Russian gas, that would evidently lead to an immediate cut-off in Russian gas supplies. It does not take a Nobel Prize to recognize that,” he said.

Echoing prior words of Hungarian leader Viktor Orbán, he said “The plan that would impose a price cap exclusively on Russian gas coming via pipelines is entirely against European and Hungarian interests…”

To read more visit Zero Hedge.

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