European Union leaders gathered on Friday to prepare for further cuts to Russian gas, limit the impact on inflation and seek alternative supplies, accusing Moscow of militarizing the energy issue through a supply squeeze that Germany warned that it could partially close its industry.
A day after celebrations for putting Kiev on the path to joining the bloc, Friday’s summit in Brussels was a reflection on the economic impact of Russia’s invasion of Ukraine.
“The concept of cheap energy is gone and the concept of Russian energy is essentially gone and we are all in the process of securing alternative sources,” said Latvian Prime Minister Krisjanis Karins, adding that governments need to “support the parts of society who suffer the most”.
The leaders of the 27 EU countries will, according to a draft summit communiqué seen by Reuters, blame the war that began exactly four months ago for a huge spike in prices and a drop in global growth.
After unprecedented Western sanctions imposed over the invasion, a dozen European countries have so far been hit by cuts in gas flows from Russia.
“It’s only a matter of time before the Russians shut down all gas shipments,” an EU official said ahead of Friday’s talks.
German Economy Minister Robert Habeck has warned that his country is heading for a gas shortage if Russian supplies remain as low as they currently are, and some industries will have to close.
The EU relied on Russia for up to 40% of its pre-war gas needs — 55% for Germany — leaving a huge gap in an already tight global gas market.
Source: CNN Brasil
