Deciding on a procurement mandate will reduce competition in the gas market.
"We want to get out of dependence on Russian fossil fuels… For the first time, we have decided that the Commission will have a mandate for joint procurement, including gas. This is how the decision was made on vaccines during the Covid crisis. Contracts are the best tool to reduce the price of our gas, and we have therefore instructed the Commission to do so," said Emanuel Macron, president of France.
Until now, the idea of joint procurement has not received the support of the European Commission, as it contradicts market liberalization. Therefore, the decision to unite was made very carefully and thoughtfully.
From now on, the Kremlin will not be able to play its monopoly on the gas market and provide friendly countries with contracts at exceptional prices.
It is unknown at this time how much will be purchased and who will participate in the new market.