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EU Faces Soaring Energy Costs
(MENAFN) European Commission President Ursula von der Leyen announced on Monday that the European Union’s expenditure on fossil fuel imports has risen by over €22 billion (approximately $26 billion) since the outbreak of the Iran war.
During a press briefing in Brussels, she highlighted the increasing financial strain caused by reliance on fossil fuels, noting that import expenses have climbed sharply within just 44 days due to geopolitical instability disrupting energy supply chains.
She explained that interruptions in supply have produced an immediate and significant economic effect across Europe, with additional strain anticipated even if the conflict is resolved in the near term.
“This shows the enormous impact this crisis has on our economy,” von der Leyen said.
“We are paying a very high price for our overdependency on fossil fuels, and the reality for our continent is fossil fuel energy will remain the most expensive option in the years to come,” she added.
Meanwhile, representatives from Iran and the United States wrapped up 21 hours of negotiations in Islamabad early Sunday, ending discussions without securing a deal.
During a press briefing in Brussels, she highlighted the increasing financial strain caused by reliance on fossil fuels, noting that import expenses have climbed sharply within just 44 days due to geopolitical instability disrupting energy supply chains.
She explained that interruptions in supply have produced an immediate and significant economic effect across Europe, with additional strain anticipated even if the conflict is resolved in the near term.
“This shows the enormous impact this crisis has on our economy,” von der Leyen said.
“We are paying a very high price for our overdependency on fossil fuels, and the reality for our continent is fossil fuel energy will remain the most expensive option in the years to come,” she added.
Meanwhile, representatives from Iran and the United States wrapped up 21 hours of negotiations in Islamabad early Sunday, ending discussions without securing a deal.
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