ATHENS – With Russia’s invasion of Ukraine spiraling energy prices even more during jumping inflation, Greek Premier Kyriakos Mitsotakis called for the European Union to adopt a six-point plan to counter the effect on households.

He did it in a letter sent to European Commission President, Ursula von der Leyen and an opinion piece published in news website Politico, with Greeks facing higher costs for essentials during the COVID-19 pandemic.

“Extreme circumstances call for out-of-the-box thinking, and the time has come to address this threat head on. We are seeking to intervene only as a last resort and with a temporary set of measures,” he wrote.

His plan includes a price cap on what are known as title transfer facility (TTF) prices, or the highest historic gas prices before the crisis;  profit cap on gross profit margins, which could be 5 percent and also cooperation with China on Liquefied Natural Gas (LNG) cargoes and limits on transportation costs.

“I understand that these points represent considerable market interventions. That is why they must be time-limited and accompanied by clearly defined triggers and exit options,” he also said.