Lithuania Opposes Electricity Price Cap: Energy Minister

BRUSSELS (Sputnik) - Lithuania supports the introduction of a price cap on Russian gas, but opposes restrictions on electricity prices, as it will harm the country's domestic market, Energy Minister Dainius Kreivys said on Friday.

"The ceiling on international generators is an absolute red line for us, because it will destroy the electricity market," Kreivys said before the meeting of EU energy ministers.

The minister claimed this measure will harm Lithuanian domestic market, because companies in different countries will receive different subsidies.

Kreivys also said that "Lithuania supports the proposal of the [European Commission] head to set a ceiling on gas prices," adding that the gas price ceiling should be financed at the EU level.

Last Friday, European Commission President Ursula von der Leyen said that the bloc might introduce limits on the price of Russian natural gas after G7 finance ministers confirmed their intention to impose price caps for Russian oil as part of the expanded sanctions against Moscow.

Moscow, in turn, pledged to stop energy exports to the states that would apply the limits.