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Kyriakos Mitsotakis

Europe Can Fight Putin By Capping Gas Prices

Russia has weaponized energy. Here is how the EU can strike back.

Sizzling market.

Sizzling market.

Photographer: Daniel Roland/AFP/Getty Images

After months of deliberation and deflection, it is time for Europe to place a cap on natural gas prices. Russia has weaponized energy, its clear aim to destabilize our societies. Fifteen member states have clearly expressed their support for capping prices. Europe should take back control of its gas market.

In normal times, governments must let markets work. But these are not normal times. Russia is reneging on contracts and deliberately restricting supply. When one player can move prices, there is no sense in “letting markets function.” Governments are supposed to structure and police markets. Confronted with clear market manipulation, government intervention is not just justified but required.