European Commission President Ursula von der Leyen is urging EU members not to make a strategic mistake in their relations with Russia, saying Europe has no right to contain rising energy prices by turning to Russian fossil fuels.
Points of attention
- Officials in Brussels are committed to increasing sanctions pressure on Russia, with plans to implement measures such as applying the G7 price ceiling and banning maritime services for Russian tankers.
- The G7 group is considering releasing strategic oil reserves to help alleviate the impact of escalating energy prices, as oil prices dip below $100 a barrel.
Von der Leyen calls on Europe to demonstrate resilience
The head of the European Commission made a statement on this issue during a speech in the European Parliament.
According to Von der Leyen, official Brussels is already working on scenarios for reducing energy prices.
This primarily concerns more effective use of power purchase agreements, state aid measures and subsidies, or gas price caps.
In the current crisis, some believe that we should abandon our long-term strategy and even return to Russian fossil fuels. This would be a strategic mistake.
Ursula von der Leyen
President of the European Commission
What is important to understand is that European Commissioner Valdis Dombrovskis emphasized that official Brussels will seek to prolong and increase sanctions pressure on the Kremlin.
According to him, the main issue is the application of the G7 price ceiling and the subsequent introduction of a ban on maritime services for Russian tankers.
Oil prices fell below $100 a barrel again on news that the G7 group is considering releasing strategic oil reserves to cushion the impact of soaring energy prices.
