Fear of Russian reprisals has countries lining up to oppose the EU's plan to target Moscow with a price cap on gas

Europe wants to set a limit on the price it pays for Russia's natural gas, but the proposal is facing opposition from countries that fear Moscow will cut off all supplies.

The Financial Times reported Friday that at least 10 of the European Union's 27 members want the wholesale price cap to be placed on all suppliers of gas. Poland, Greece and Italy are included in the list.

The EU singling out Russia in the plan could cause Putin to shut down all gas deliveries to Europe.

The chief energy adviser to the Greek leader said that the Russians would likely retaliate.

The foreign minister of Hungary warned that targeting Moscow would lead to a swift response.

Russian gas supplies would be cut off immediately if price restrictions were imposed solely on Russian gas. Peter Szijjarto said in a video that it doesn't take a prize to recognize that.

EU ministers hold an emergency meeting Friday to discuss the energy crisis in Europe after Russia halted the supply of gas via the keyNord Stream 1 line. The plan is likely to be touched on briefly.

The cap on gas prices is part of an EU package to provide relief to households and businesses from soaring energy costs.

European natural gas prices have risen steeply since Russia invaded Ukraine in February, as the country cut off gas flows to the continent in response to Western sanctions.

As governments step up their efforts to reduce costs through price caps, Dutch TTF futures have since pulled back, and were down 4% at just over $214. In August, they hit a new high.

Belgium wants an EU-wide price cap on gas linked to Asian markets given the cost pressures, its energy minister said.

The goal is to bring prices down. Tinne van der Straeten said that a cap on only Russian gas wouldn't bring prices down. There is a cap on Russian gas.

The EU plan is stupid and will lead to higher prices, according to Putin. Russia's leader threatened to cut off existing buyers who went along with Western price caps on its energy exports.

Will there be political decisions that conflict with the contract? We will not fulfill them. Putin said that they wouldn't supply anything if it deviated from their interests.

We will not supply anything.