Russia's threat to cut gas supply, EU withdraws from the announcement to limit prices

BRUSSELS - Russia's threat to stop gas supply has worked. The European Union backtracked on its announcement to cap Russian gas prices. Profits of European energy firms were agreed to be lower in response to the crisis.

Russia's gas weapon proved effective. Europe retreated on the energy front. Differences in the European Union have come to light over the decision to limit the price of Russian gas. In the meeting held in Brussels, several European countries, including Poland, Hungary, Denmark and the Czech Republic, refused to limit the price of Russian gas. The position of these countries is that they cannot take the risk of their own destruction.

The European Commission has warned that capping Russian gas prices in Europe could divert Russian gas supplies to other regions, depriving Europe of much-needed fuel.

European Central Bank chief Christine Lagarde says energy firms, not governments or central banks, should help under pressure from market volatility.

For the first time, condemnation of Putin was avoided at the meeting of energy ministers. The Ukraine crisis was also not discussed. The EU will finalize the proposals by Monday.