Energy costs in EU increase amid disruption of affordable Russian energy supplies
Date
1/22/2025 1:40:17 AM
(MENAFN) energy costs have significantly increased across the European Union, primarily due to the disruption of affordable Russian energy supplies, as explained by European Commission President Ursula von der Leyen.
Speaking at the World Economic Forum in Davos, Switzerland, on Tuesday, von der Leyen discussed how, before 2022, the EU depended on Russia for a substantial portion of its energy. Specifically, Russia provided 45 percent of the EU's gas and 50 percent of its coal, while also being one of its major oil suppliers. She pointed out that although this energy was perceived as cheap, it left the EU vulnerable to blackmail and manipulation.
Von der Leyen highlighted that following the outbreak of the conflict in Ukraine in February 2022, Russian President Vladimir Putin made the decision to cut off the EU’s gas supplies. This move had a dramatic impact on the EU's energy imports from Russia, which plummeted by around 75 percent. Currently, the EU imports just 3 percent of its oil from Russia and no longer receives any coal.
She acknowledged the severity of the energy crisis caused by the loss of Russian supplies, noting that it exacerbated the challenges faced by households and businesses across the EU. Von der Leyen emphasized that while the loss of Russian energy has led to greater independence for Europe, it has come at a steep price.
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