European Council President Charles Michel on Friday called on the European Commission to accelerate the process of preparing proposals on tackling skyrocketing energy prices in Europe.
"We did not just discover this issue today," Michel told German newspaper Suddeutsche Zeitung, as quoted by Sputnik. He added that Europe "cannot waste a single day, we do not have the luxury of waiting weeks or months longer. Proposals must be on the table as soon as possible."
Michel noted that the European Council has repeatedly discussed the issue since October 2021; however, the European Union has yet to present any concrete proposals on how to reduce energy prices within the bloc.
He added that the increase in gas and electricity prices is "a catastrophe" for EU citizens, families, households, and businesses.
Gas prices in Europe have skyrocketed throughout the year, reaching $3,500 per 1,000 cubic meters in August amid waning Russian energy supplies.
On Friday, the G7 finance ministers in a joint statement said they agreed to introduce a price cap for Russian oil.
The decision of the G7 to impose a price cap on Russian oil will worsen the situation in global energy markets and backfire on the countries themselves, Washington-based Eurasia Center Executive Vice President Earl Rasmussen told Sputnik.
"I do not see such a decision of the G7 having their desired effect rather it will cause even greater pressure on oil demand and more likely further aggravate the energy crises. Such actions will backfire on G7 countries much as all previous sanctions have," Rasmussen said.
Over the past several months, the sanctions imposed by the collective West on Russia in retaliation for its military operation in Ukraine have sent food and energy prices soaring, triggering record-high inflation in many countries.
Rasmussen said the decision continues the "self-destruction and economic suicide currently underway."
Imposing a price cap simply may eliminate oil supplies from Russia to the West, while Moscow will be able to easily find new clients in other regions unless G7 plans to impose secondary sanctions on those countries who will follow general market rules, he noted.
"Such use of secondary sanctions will further compromise the global energy market. Hence, the availability of Russian oil will be reduced to G7 nations thus causing further price increases in the global oil market and aggravating the energy crises even more," Rasmussen said.
The United States will not get benefits from this situation unless it increases its own oil exploration, the expert said.
"Moreover, with the US being the leading proponent of such insane and totalitarian actions this could lead to further political and economic challenges resulting in a potential fragmentation of European allies," he warned.
The price ceiling will take effect on December 5 for crude oil and on February 5, 2023, for refined products coming from Russia. The European Commission has already said that it would also make efforts to impose a price cap on Russia's oil by December following the G7 decision.
( With inputs from ANI )
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