Germany’s Economy Minister Robert Habeck said on Tuesday that they will implement the gas price cap as closely as possible to the expert commission's proposal, as reported by Reuters.

"The European Union's aid requirements make one-to-one implementation impossible on individual points," Habeck further noted and added that the energy aid should be taxed for individuals with an annual income from around 75,000 euros.

Market reaction

Germany's DAX 30 Index showed no immediate reaction to these comments and it was last seen rising 1.3% on the day at 13,430 points.