EU overpaid €35 billion for energy due to conflict in the Middle East

Europe has overpaid €35 billion for energy since the beginning of the conflict in the Middle East. This was stated on May 13 at an informal meeting of the Ministers of Energy of the European Union (EU) by the European Commissioner for Energy Dan Jorgensen.

"Since the beginning of the conflict in the Middle East, we have paid €35 billion more for energy than usual. We have not received a single additional unit of energy, not a single additional molecule, but we have paid €35 billion more," the European Commissioner said.

Jorgensen also pointed out that Europe had already experienced energy crises before — in the 1970s and in 2022. However, he noted that the EU, despite the diversification of energy supply chains and other measures taken, is still vulnerable to such economic shocks.

"We have experienced crises before — in the 70s and in 2022. But in many ways, this crisis is worse. Yes, we are better prepared than in 2022. <...> We have diversified suppliers and increased energy efficiency, but we are still too vulnerable. Therefore, when global prices rise, as they are now, it hits us hard," he stressed.

Trade poison: EU seeks to completely sever economic ties with Russia

Moscow sees no prerequisites for improving the situation under the current leadership of the European Commission

Jorgensen said at a press conference in Brussels on April 22 that the European Commission (EC) demands that the European Union completely stop buying Russian gas, despite the energy crisis. Speaking about the EC's plan to combat the energy crisis, he called it a huge mistake to abandon bans on fuel imports from Russia.

Kirill Dmitriev, head of the Russian Direct Investment Fund (RDIF) and special representative of the President of the Russian Federation for investment and economic cooperation with foreign countries, in turn, said that the world is moving towards the largest energy crisis in history, not realizing the scale of what is happening.