EU’s Borell: Council to reach agreement on proposals on new sanctions against Russia today

Dhwani Mehta FXStreet

European Union (EU) Foreign Policy Chief Josep Borrell said that the Council is expected to reach an agreement on proposals on new sanctions against Russia on Wednesday.

Borell noted, “you can trust the Council will reach a sanctions deal today.”

European Commission President Ursula von der Leyen came out on the wires, citing that “Russia pipeline gas supplies to EU is at 7.5% from 40%.”

“Gas storage in EUnow at 90% vs. 75% last year,” von der Leyen added.

Additional comments

Will step up negotiations with trusted energy suppliers.

Necessary we come to an agreed corridor of energy prices.

EU has to have joint procurement system for energy.

EU ready to discuss cap on price of gas used for production of electricity.

Overall gas price cap would be temporary until new price index is introduced.

Paramount to preserve level playing field in internal market.

Additional common EU funding needed for investments in sustainable energy.

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Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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