Gazprom could reportedly seek to change the terms of its delivery contracts if countries implemented a price cap on Russian gas.

That follows reports which claimed that G7 leaders will start exploring the options around imposing possible price caps on Russian oil and gas imports.

It is expected that the potential gas cap would work as European countries will refuse to pay above a fixed price for Russian gas.

Supporting the idea of the price cap, Italian Prime Minister Mario Draghi said: “Putting a ceiling on the price of fossil fuels imported from Russia has a geopolitical goal as well as an economic and social one.”

It has been reported that Kremlin spokesperson Dmitry Peskov told reporters when asked about the idea of the price cap: “It depends on the direction, depends on the decision taken by Gazprom. Probably, they may raise a question of changing the terms of existing contracts, changing the price.”