European Union energy ministers have finally agreed to cap gas prices after weeks of negotiations.

The restriction is the latest attempt by the 27 EU countries to reduce high gas prices.

The ministers agreed to impose a cap if prices exceed 180 euros per megawatt hour for three days on the TTF, which serves as the European benchmark, Reuters reported.

The restriction could be imposed starting Feb. 15, 2023.

Germany voted to support the deal despite expressing concerns about the policy's impact on Europe's ability to attract gas supplies in competitively priced global markets, three EU officials said.

Three officials said the Netherlands and Austria abstained in the vote. Both resisted a cap during negotiations, fearing it could disrupt European energy markets and threaten Europe's energy security.The deal follows months of debate on the idea and two previous emergency meetings in which countries failed to reach an agreement.

Some 15 countries, including Belgium, Greece and Poland, demanded a cap below 200 euros/MWh, well below the 275 euros/MWh limit originally proposed by the European Commission last month.

Initially, the restriction will not apply to private gas transactions outside of energy exchanges, although it may be revised once it takes effect.