EU leaders wrap up informal summit in Prague with no decision on gas price cap

European Union leaders wrapped an informal summit at Prague Castle on Friday agreeing on giving more financial and military aid to Ukraine, but making no final decisions on how to tackle soaring energy prices amid a decline of gas supplies from Russia.

Petr Fiala and Ursula von der Leyen|Photo: Kateřina Šulová, ČTK

European Council President Charles Michel, who chaired the meeting, highlighted the need for strong European cooperation and said there was a strong will among the EU leaders for a common approach.

Speaking at a press conference after the summit, Czech Prime Minister Petr Fiala said that proposals to separate the price of gas from the price of electricity, as well as releasing emission allowances from the reserve fund, were discussed as possible measures to lower energy prices.

Mr. Fiala said that separating electricity and gas prices would mean a reduction in the price of electricity for all companies and households in the EU.

Ukrainian President Volodymyr Zelenskiy|Photo: Česká televize, ČT24

European Commission President Ursula von der Leyen said that the EU will have more detailed proposals to contain soaring energy costs in the coming weeks, adding that it was important to avoid the fragmentation of the EU's single market.

Leaders of the EU member states have also addressed the situation in Ukraine, reiterating their full financial, humanitarian, military and political support.

Ukrainian President Volodymyr Zelenskiy addressed the summit in a video speech, calling for more air systems to defend Ukrainian energy infrastructure from Russian strikes.

Emmanuel Macron|Photo: Michal Krumphanzl, ČTK

At a press conference after the summit, French President Emmanuel Macron announced plans to create a fund, initially worth 100 million euros, for Ukraine to directly buy weapons and other material it needs in its war against Russia.

The next EU council meeting is scheduled to take place in two weeks' time in Brussels.