Josep Borrell: EU needs more Russian gas

Josep Borrell: EU needs more Russian gas

Europe may need more Russian gas than previously agreed, Vice-President of the European Commission and High Representative of the EU for Foreign Affairs and Security Policy Josep Borrell said.

He noted that "Russia wants Nord Stream 2 to be launched, and the EU needs gas."

"We still need Russian gas, and we will probably need more than [what is in] the contract," Borrell told El Pais newspaper.

He also recalled that Spain has proposed that the European Commission negotiate gas contracts on behalf of all EU member states.

"I hope that they [the EU] will think about whether the electricity pricing system needs to be changed," the EU High Representative said. He believes it would be wise to "rethink the model and see if it fits the circumstances," but that will take time. "And the situation requires quicker decisions," Borrell stressed.

On October 6, the price of gas in Europe broke new record highs, rising sharply to above $1,900 per 1,000 cubic meters, but on October 7, the price dropped below $1,000 per 1,000 cubic meters of gas.


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