European Commission: Dispute over the Strait of Hormz cost the European Union 90 billion euros - Sarmad

European Commission President Ursula von der Leyen announced that the European Union’s additional spending on fossil fuel imports since the start of the conflict over the Strait of Hormuz has reached 90 billion euros.

Speaking before the European Parliament on Wednesday, von der Leyen stated: “Since the beginning of the conflict in the Strait of Hormuz, our fossil fuel imports have cost us an additional 90 billion euros, without yielding a single extra unit of energy.”

The European Commission President emphasized the need for the EU to more actively develop its own clean energy sources, including renewable and nuclear energy.

On Monday, gas prices in Europe surpassed the $1,000 mark for the first time since December 22, 2022.

Experts and observers believe that the disruption of liquefied natural gas (LNG) supplies from the Gulf, coupled with Europe’s decision to abandon Russian gas without ready and sustainable alternatives, has exacerbated the energy crisis, increased production costs, and weakened the competitiveness of European industry.