Economic Insights – Follow-Up
Ursula von der Leyen, President of the European Commission, affirmed on Sunday that the European Union remains steadfast in its commitment to completely eliminate reliance on Russian gas supplies.
“I can confidently assure that we will phase out Russian gas entirely… this is essential,” von der Leyen stated during a press briefing in Brussels.
“We have made progress; however, it is crucial to address the existing gaps and take necessary measures to bridge them,” she remarked.
The energy landscape in Europe is currently grappling with an unprecedented crisis, with over 80% of the continent’s gas supply for heating, industrial purposes, and electricity generation traditionally sourced from Russia, as reported by the International Monetary Fund.
Since the onset of the conflict between Russia and Ukraine, wholesale electricity and gas prices have surged nearly 15-fold since early 2021, placing severe financial pressure on households and businesses alike.
Additional assessments indicate that European facilities currently have a shortfall of approximately 17 billion cubic meters when compared to the same period in 2024. Furthermore, the cessation of Russian gas flowing through Ukraine has led to a reduction in annual supplies by 15 billion cubic meters.
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