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Earlier this week, the EU’s executive proposed the price ceiling. It wants the cap to kick in if the front-month price on the Dutch gas exchange TTF exceeds 275 euros for two weeks and if, at the same time, TTF prices are 58 euros higher than the liquefied natural gas global reference price for 10 consecutive trading days.The next meeting on the matter will take place on December 13, the minister added.After the launch of Russia’s military operation in Ukraine in February, the EU and the US imposed economic sanctions against Moscow, which led to a large-scale energy crisis in Europe.

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