The bloc saw oil and natural gas prices soar after it drastically reduced Russian imports over the Ukraine conflict
European Commission President Ursula von der Leyen has acknowledged that the loss of cheap energy imports has dealt a blow to the EU economy and that the bloc now faces prices far above those of its main competitors.
The EU drastically reduced Russian oil and gas imports following the escalation of the Ukraine conflict in 2022, while Brussels has committed to completely phasing out Russian fossil fuels by 2027. Energy costs have since surged across much of the bloc, with the US-Israeli war on Iran adding further pressure.
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