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Good morning. EU grapples with gas cuts, the race to be UK premier, ECB’s new crisis tool and Putin’s overseas trip. Here’s what people are talking about.
The European Union is set to propose a voluntary 15% cut in natural gas use by member states starting next month on concern Russia may halt supplies of the fuel. The goal would be embedded in a regulation accompanying a demand-reduction plan the European Commission is scheduled to unveil Wednesday. The measure also would include a mandatory trigger if the situation worsens and voluntary curbs are insufficient. Meanwhile, Russian gas giant Gazprom is poised to restart gas exports through its Nord Stream pipeline to Europe on Thursday at reduced capacity.