Citing a leaked document, the Guardian is reporting this Tuesday that the European Union (EU) is unlikely to impose a price cap on Russian gas while levying windfall taxes on energy company “surplus” profits.

This comes ahead of the European Commission president, Ursula von der Leyen, plan on dealing with surging electricity prices when she makes her annual state of the union speech on Wednesday.

Market reaction

EUR/USD was last seen trading at 1.0155, up 0.38% on the day.