The European Commission will propose a cap on the price of Russian gas imports and will propose a mandatory target for reducing electricity usage at peak hours, European Commission President Ursula von der Leyen told reporters on Wednesday.

"We must cut Russia's revenues which Putin uses to finance this atrocious war in Ukraine," von der Leyen added and said that they will also propose a cap on revenues of companies producing electricity with low costs.

Market reaction

EUR/USD showed no immediate reaction to these comments and it was last seen trading flat on the day at 0.9900.