Cost of energy carriers for EU rises by €100bn due to war

Cost of energy carriers for EU rises by €100bn due to war
Cost of energy carriers for EU rises by €100bn due to war

European Commission President Ursula von der Leyen assessed changes in the energy carrier market at a plenary session of the European Parliament following the start of the full-scale war in Ukraine. According to her data, the cost of natural gas for European consumers has increased by 140%, while diesel fuel prices have doubled.

Reduced dependence on the Russian Federation

The senior official emphasised that the European Union has managed to significantly reduce the share of Russian fuel in its imports. If it previously stood at 45%, this indicator has now fallen to 12%.

Financial consequences for the Union

Meanwhile, as Ursula von der Leyen noted, rising prices have meant that, for comparable volumes of purchases, fossil fuel imports cost the EU approximately €100bn more than before the start of the conflict.

Plans for complete cessation of imports

The European Union has a clear schedule for phasing out Russian energy carriers. The complete cessation of Russian LNG imports is planned for 1 January 2027, while pipeline gas is to be phased out in the autumn of the same year.

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