Industry to feel pinch first after all countries in bloc except Hungary agreed to voluntary reduction
, the EU has decided to phase out Russian fossil fuels, which are major sources of funding for the Kremlin’s war effort.
Countries that took little or no Russian energy objected to making sacrifices for those that benefited from years of cheap fuel from their eastern neighbour.Spain and Portugal, which have little connection to the EU gas network, argued that the blanket 15% target was unfair. In the end, all countries in the bloc supported the plan with the exception of Hungary, where the government is a longtime Kremlin ally that supports EU sanctions reluctantly.
The 15% target, however, was designed to see the EU through a bitterly cold winter. Expect the long-range weather reports to be as keenly studied as the EU’s economic forecast.The 2022-23 winter is expected to be difficult, especially if temperatures plunge. But some fear the following winter could be even worse. EU gas storage levels are at 66%, but by the end of next spring they could be seriously depleted with fewer options to replace stocks.
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