Enough is Enough: Why West's Price-Capping is Wake-Up Call for Developing Countries

On December 19, EU governments agreed on a new price cap on natural gas. The correction mechanism would impose a Dutch Title Transfer Facility (TTF) price ceiling of €180 ($191) per megawatt hour from February 15, 2023. The move was preceded by the decision of the G7, the EU, and Australia to cap prices of Russian oil and petroleum products.