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Radio France Internationale
Radio France Internationale
World
RFI

EU agrees to cap gas prices, angering Russia

Russia Europe Gas Prices European Union Natural Gas
An employee of the Hungarian Mol Natural Gas Transporting Corp. at a gas receiving station in Vecses. Hungary was the only EU country to vote against the natural gas price cap deal on Monday. © Bela Szandelszky/AP

After months of negotiations, European Union energy ministers have agreed to a price cap for natural gas at 180 euros per megawatt hour. The issue has split the bloc, and the agreement drew an immediate warning from Russia, which has cut off most of its gas deliveries to Europe.

EU Ministers agreed to trigger a cap if prices exceed 180 euros per megawatt hour (MWh) for three days on the Dutch Title Transfer Facility (TTF) gas hub's front-month contract, which serves as the European benchmark.

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