Italy's PM says EU may convene extraordinary summit on energy as Russia reduces gas supply

Italian Prime Minister Mario Draghi said Friday that the European Union (EU) is considering holding an extraordinary energy summit should Moscow terminate the supply of natural gas to the bloc completely. During an address made on the sidelines of the EU summit, Draghi said at the conference that Russia's reduction of gas supplies to the member states of the EU threatens energy security, adding that the recent situation has caused the EU “immense difficulties.” 

The Italian Prime Minister asserted that the EU would take collective action "to ensure the uninterrupted energy supplies and tamp down inflationary pressures" across the bloc. Draghi's remarks came as the prices of gas hiked significantly to a whopping 8.1% in the 19-nation euro currency zone, a jump from 7.4% in April. 

 “It is necessary to take immediate action on energy prices because of inflation, which is being caused substantially because of energy,” Draghi said at the conference. “These increases are spreading and causing price increases for other items," he added. 

Nord Stream gas deliveries to EU reduced due to repair: Russia

Russia earlier notified that gas supply via the Nord Stream gas pipeline has been temporarily reduced due to technical maintenance, stressing that Moscow has "no hidden agenda". Russian Presidential spokesperson Dmitry Peskov stated, "If a turbine needs to be serviced, it needs to be returned after repair works, and it is not (given back). Maybe, the fact that the turbine is not given back, is indeed, not entirely a technological (reason)", TASS reported. "Everything is very obvious, there is no hidden agenda here," he added.  

Shortly after, Germany announced that it has decided to enter Phase 2 of its three-stage emergency gas plan. German Economy Minister Robert Habeck declared that Berlin was entering the phase of the initiative formed to tackle the gas crisis. French Minister of Energy Agnès Pannier-Runacher meanwhile iterated that her country can also survive without the supply of Russian gas in an interview with the newspaper, Le Figarо. "We can do without Russian gas, this assumes that all LNG tankers arrive on time and that we can comfortably fill our strategic storage facility," she asserted as Moscow slowed the shipment via the pipeline triggering panic across the EU.