No price cap on Russian gas, according to leaked reports

The Hungarian government’s opposition to EU plans to introduce a price cap on Russian gas has been successful. The plan has been taken off the agenda for the time being, reports, citing the Guardian.

According to a leaked document, the European Union’s executive body is backing away from imposing a price cap on Russian gas, but is pushing for the introduction of windfall taxes on energy companies’ excess profits, reports, citing the Guardian.

The draft regulation on the emergency electricity instrument, seen by the paper, does not include a price cap on either Russian gas or imported gas after member states failed to agree on restrictions last week.

The EU is expected to impose a special tax on high profits of fossil fuel companies and a cap on the revenues of low-carbon electricity producers. Ursula von der Leyen, president of the European Commission, is expected to unveil a European plan to tackle rising electricity prices in her annual State of the Union address on Wednesday, the portal reports.