European Commission president calls for price cap on Russian gas as the G7 moves ahead with plans to cap Russian oil

• European Commission President Ursula von der Leyen voiced support for a cap on Russian pipeline gas prices.
• The EU is considering options for market interventions to ease the energy crisis.

European Commission President Ursula von der Leyen said Friday that the bloc should move to cap Russian pipeline gas prices.

She also proposed taking some windfall profits that electricity suppliers made from the gas crisis to help consumers slammed by soaring prices.

"I firmly believe that it is now time for a price cap on Russian pipeline gas to Europe," von der Leyen said.

The comments come as the European Union is considering options for market interventions to ease the energy crisis. EU officials will convene on September 9 to discuss the bloc's response.

Benchmark European gas prices plunged more than 11% to 216.04 euros per megawatt hour amid signs that Russia's Nord Stream 1 gas pipeline would soon resume deliveries after a three-day shutdown.

Moscow has steadily lowered flows to Europe via the Nord Stream pipeline, with the key gas transport hub only operating at 20% capacity before it went offline yet again Wednesday. The Kremlin cited maintenance needs, but European official have accused Russia of weaponizing energy supplies.

Meanwhile, the G-7 is moved ahead with a proposal to cap prices on Russian oil exports. The price cap is designed to "reduce Russian revenues and Russia's ability to fund its war of aggression," according to the G7. But the Kremlin warned it will cut off any countries that agree to the cap.

The G7 has pushed a cap on Russian oil to coincide with the EU's embargo on seaborne Russian oil imports, which will go into effect in early December.

The cap is meant to create an exemption to the embargo that will keep Russian oil flowing onto global markets and prevent a supply shock while limiting the revenue Moscow earns.