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Business leaders are calling on the European Union to take significant steps to lower energy costs, as the bloc's gas reserves have reportedly fallen to their lowest level since 2022. Concurrently, some member states are discussing whether to reverse plans to shut down nuclear power plants. The EU has approved funding for renewable energy projects and is extending free emissions permits for industry. It has also reaffirmed support for a major undersea electricity cable project. Separately, Slovakia stated it is ready to stop exporting electricity to Ukraine and not participate in an EU loan if it does not receive oil supplies. Reports indicate the EU continues to buy billions of euros worth of liquefied natural gas from Russia.
The European Union is proposing a new, broad set of sanctions aimed at cutting Russia's oil and gas revenues, including measures to block ships carrying Russian oil and end imports of Russian liquefied natural gas. However, the bloc is struggling to secure support for these restrictions, having failed to win backing from the United States and the G7. Internally, Hungary is actively opposing the measures, filing a lawsuit against the EU's ban on Russian gas imports and threatening to block a key loan to Ukraine until Russian oil shipments resume. The EU is also holding emergency meetings to address a dispute over the Druzhba oil pipeline. Separately, member states disagree on environmental policy, with some urging the abandonment of a proposed green shipping plan.
3 topics | 41 sources
Industry bosses are calling on European Union leaders for 'urgent and bold' action to reduce energy prices. Italian Prime Minister Giorgia Meloni says tackling energy costs is a priority and the EU must waste no time. French President Emmanuel Macron has said cutting Russian energy is key to the EU's economic problems. The European Central Bank reports that households in Italy spend twice as much on electricity as businesses do.
Some European Union countries are discussing whether to reverse plans to shut down nuclear power plants as the EU extends free emissions permits for industry. In Germany, the opposition leader is open to delaying the EU emissions trading system, reflecting broader debates about balancing energy security with climate goals amid economic pressures.
The head of the International Seabed Authority is urging the European Union to support new rules for mining the ocean floor. The authority is the global body that regulates deep-sea mining in international waters.
5 topics | 304 sources
Feb 28 — Feb 27
Hungary blocks a major European Union loan and new sanctions against RussiaHungary, led by Prime Minister Viktor Orbán, used its veto power to block a 90-billion-euro European Union loan package for Ukraine. Orbán also blocked a new, 20th package of EU sanctions against Russia. Orbán linked the vetoes to a dispute over the Druzhba oil pipeline, claiming Ukraine has not repaired damage to the section that supplies Hungary. In response, EU leaders accused Hungary of undermining support for Ukraine and are reportedly considering ways to work around the veto. Ursula von der Leyen, the European Commission president, said the loan would happen 'one way or the other'. The blockages occurred just before the fourth anniversary of Russia's full-scale invasion of Ukraine. The EU failed to approve the new Russia sanctions package and the financial aid, leaving the measures in limbo as discussions continue.