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EU Sees Political Deal on Forced Cuts in Russian Gas Fight

  • Energy ministers meet in Brussels on emergency regulation
  • Talks involve different starting positions, Simson says
Gas prices have jumped more than 10% following Gazprom’s decision to reduce Nord Stream flows.

Gas prices have jumped more than 10% following Gazprom’s decision to reduce Nord Stream flows.

Source: Bloomberg

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European Union countries expect to reach a political agreement on emergency regulation that could force 15% cuts in gas consumption through the winter if Russia halts deliveries.

Energy ministers from the bloc’s 27 member states are meeting in Brussels on Tuesday to wrangle over backing a proposal from the European Commission. Many member states are skeptical about making the voluntary target binding, highlighting concerns over the potential impact on local companies and consumers.