(Finance) – The price of TTF gas futures contractsused by operators as a benchmark for the European market, shows a increase of 21.5% to 120 euros / MWh at 16.30 Italian time. At 3.44 pm there was a jump to above 132 euros / MWh after Russian President Vladimir Putin made it known that he will no longer accept payments in dollars or euros for gas delivered to Europe, but will only accept rubles.
“We need to replenish the natural gas reserves, but also to recognize that the prices are currently very different. And the reserves must be filled at acceptable prices, so we need flexibility “, said the Vice-President of the European Commission. Valdis Dombrovkis.
Against “high and volatile gas prices”, we “we propose common procurement and stricter rules for storagebecause instead of competing with each other by driving prices up, we have to use our weight and start buying gas together, “said EU Commission President Ursula von der Leyen.” As Europeans , not like 27 different member countries – he added – We should also use our storage facilities in some member countries to guarantee supplies everywhere in the Union “.