“Ministers reached a political agreement on measures to mitigate high electricity prices,” the Czech government, assuming the turning presidency of the Council of EU, announced on its official Twitter account.

The agreement involves mandatory reduction of electricity demand during peak hours, introduces solidarity contribution for fossil fuel producers, and caps revenues of companies that produce electricity at low costs, such as nuclear or renewable energy producers.

The decision has yet to be officially adopted after the political consensus.

Several Western nations activated economic sanctions against Russia after its government recognized the self-proclaimed Donetsk and Lugansk People’s Republics and launched a special military operation in response to their request for help to counter aggression by neo-Nazi paramilitary groups and the Kyiv army.

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