Russia

The EC proposed a voluntary 15% cut in natural gas use by EU member states starting next month up to the end of March 2023 on concern that Russia may halt supplies. EC President von der Leyen said, “we have to prepare for a potential full disruption of Russian gas, and this is a likely scenario”. The reduction is based on the average gas consumption of each EU member state from 2016 to 2021. The proposal includes a mandatory trigger if the situation worsens and voluntary curbs are insufficient. The proposal will need approval from 15 members, which the EC may seek as soon next week during an emergency meeting of energy ministers.