EU leaders meet to discuss gas prices

The European Council will host a meeting today on the evolving situation in Ukraine and regional economic issues. Today’s meeting continues the discussions held in Prague earlier this month.

EU leaders will discuss the ongoing energy crisis following the recent advancement of economic sanctions and the crude oil ban proposal against Russia. This follows Moscow’s latest annexation attempts in Ukraine, which elevated EU energy supply concerns as the situation in Eastern Europe develops further.

As Russia supplies Europe with roughly 27% of its imported oil and 40% of its gas, the oil ban has caused discontent within the EU. The energy security crisis – along with global economic inflation – continues to jeopardized regional economies, despite the fact the European Council has surpassed its 80% capacity goal for participating nation gas supply reserves– now reported at average of 91%.

The European Council is likely to uphold its oil embargo proposal if Moscow maintains its call to arms in Eastern Ukraine. Despite reaching targeted gas reserves, EU leaders may discuss a potential gas-cap and advise national governments to afford electricity, gas and oil financial injections into budgeting – with the Council advising regional assistance to fulfill Greece, Slovenia, Lithuania and Finland gas reserve capacities.

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